Budget 2015: Pension and Annuity Changes

Pension Freedoms Confirmed

Pension freedom and choice will go ahead as expected on 6 April 2015. The new pension freedoms will allow pensions to be drawn using Flexi-Access Drawdown without any maximum limit each year.

Budget 2015: EIS and VCT Rules Changed

VCTs and EIS will no longer be able to invest in a company that is more than 12 years old, except where the investment will lead to a substantial change in the company’s activity, or where where the total investment represents more than 50 per cent of turnover averaged over the preceding five years.

Budget 2015: Flexible ISAs

New fully Flexible ISAs will allow savers from Autumn 2015 to withdraw from their Cash ISA and reinvest into it in the same year without any loss of tax benefits.