Autumn Statement 2014 Review: Savings and pensions

In his Autumn Statement George Osborne revealed changes aimed at helping both savers and pensioners.

 

The ISA limit for 2015/16 will be increased from £15,000 to £15,240. But the more important change is that, on death, spouses and civil partners will be allowed to leave their ISA savings to the survivor, without the ISA losing tax free status. They will remain chargeable to inheritance tax , however.

 

The 55% tax charge on inherited pensions is being reduced, as previously announced. For those who die under the age of 75, it will be possible to pay out the fund tax free to the beneficiaries in most circumstances. After the age of 75, a 45% charge will apply to lump sum payments.

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