What to expect from the last ever Spring Budget
By Kirsten Hastings, 1 Mar 17
There has been little buzz around the last-ever Spring Budget taking place on 8 March, ahead of triggering Article 50. International Adviser has pulled together views from the industry about what it expects or would like to see addressed when the chancellor takes to the despatch box.
Old Mutual Wealth’s Rachael Griffin believes there will be a further “tidying up” of regulations.
“Quite often there can be unintended consequences following a change in legislation, which the regulator and government then try to resolve by tweaking round the edges,” she told International Adviser.
She believes the chancellor is likely to use the Spring Budget to announce some tweaks to more closely align the tax treatment of foreign pensions with the UK’s domestic pension tax regime.
One area that Griffin thinks the government should look into is the £3,000 ($3,729, €3,519) inheritance tax annual exemption for gifting money away free of IHT.
“Unlike other allowances, the annual exemption hasn’t changed since 1981. That means it would be worth over £10,000 had it tracked inflation,” she said.
Tags: Aegon | AJ Bell | Fidelity | Nucleus | Old Mutual | Pension | Rachael Griffin | Rachel Vahey | Steven Cameron | Tom Selby
