Pension Changes

The Chancellor has announced a range of significant measures to bring greater flexibility to individuals who want to access funds in defined contribution pension schemes. Some changes to the current restrictive rules will come into effect from 27 March 2014 whilst further measures will follow in April 2015 after a period of consultation.

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Savings Band and Rate For 2014/15

The Chancellor announced changes to the maximum amount of an eligible individual’s savings income that can qualify for the starting rate of tax for savings.

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Budget 2014

The Chancellor delivered his Budget Speech on Wednesday 19 March and set the scene for the announcements stating that:

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Changes To the ISA Regime

From 6 April 2014 the overall ISA savings limit will be increased from £11,520 to £11,880 of which £5,940 can be invested in cash. From 1 July 2014 ISAs will be reformed into a simpler product, the ‘New ISA’ (NISA) and all existing ISAs will become NISAs.

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Zero Hours Contracts

Business Secretary Vince Cable has announced that, under new proposals, employers could be banned from imposing ‘exclusivity’ on zero hours contracts which offer no guarantee of work and stop employees from working for another employer.

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Paye Coding Notices

Over the next few months HMRC will be sending out new PAYE tax codes for the 2014/15 tax year.

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