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| Last year's lovely tulip display |
What insidious tortures will Rachel from Accounts unleash on the unwitting British public? I dread to think.
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| I want what you've got |
My money minions are on high alert to sniff out any potential changes to the ISA savings limit. Not that I have a great deal of money to spare these days but dropping the allowance from £20K to £4K is one helluva wallet wallop and something that I hope will not come to pass.
With the Bank of England keeping the base rates on hold then anyone who hasn’t stashed away their nest egg into an ISA is likely to fall foul of what I call the Savers Tax which kicks in as soon as you’ve earned over a £1,000 in interest on your savings. Don’t dilly dally, get your money into an ISA now!
https://www.gov.uk/apply-tax-free-interest-on-savings
My second concern is whether she will go on to further extend the freeze on the income tax personal allowance thresholds. She said no tax or spend (famous last words) but if she decides to push the deadline out beyond 2028 then in a sense this will be nothing more than a deferred tax. As I’ve said before many a time on this blog, fiscal drag means that sooner or later EVERYONE will end up paying tax.
My second concern is whether she will go on to further extend the freeze on the income tax personal allowance thresholds. She said no tax or spend (famous last words) but if she decides to push the deadline out beyond 2028 then in a sense this will be nothing more than a deferred tax. As I’ve said before many a time on this blog, fiscal drag means that sooner or later EVERYONE will end up paying tax.
Labour can’t risk any further economical upsets so fingers crossed that this will be an uneventful budget, giving us all at least 6 months in which to get our houses in order before the next financial atom bomb is dropped.
As if all that wasn't bad enough, the clocks are going forward next Sunday so an hour less in bed. Ugh! Roll on April.
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