Mattioli Woods highlights help for savers as Chancellor unveils a Budget “for hard-working families”Wealth management specialist Mattioli Woods has welcomed Budget proposals designed to help the saver.
The company highlighted Chancellor Philip Hammond's decision to up the lifetime allowance for pensions to £1,055,000.
Technical director George Houston also praised "the continued commitment to encourage individuals to make substantial tax-privileged investments in the form of ISA savings".
He said: "The annual limit remains at £20,000 while an increase in the limit for junior ISAs is particularly welcome as it encourages the creation of a savings culture for generations to come".
The rumoured “big changes” in pensions and inheritance tax appeared “at first glance to be unfounded”, Mr Houston said, “but that is not to say changes will not emerge in a future budget”.
“Some of our clients will be interested to learn more about the changes to Capital Gains Tax, where they have been able to take advantage of lettings relief, from April 2020.
“There was specific mention of pressure being applied to withdraw Entrepreneur’s Relief and many of our clients will welcome the Chancellor’s vote of confidence, albeit with an increase in the minimum holding period to two years being relevant to some”.
Mr Hammond told the Commons today’s Budget was for “hard-working families – the strivers, the grafters and carers” and claimed it paved the way for a “brighter future”.
Chief investment officer Simon Gibson said: “The Chancellor borrowed a phrase well-known to clients of Mattioli Woods, emphasising his “disciplined flexibility” of approach.
“It is a theme that we follow in creating our investment solutions for clients and one which the Chancellor clearly believes is appropriate for the nation’s budget”.
He added: “The Chancellor also talked of the ‘deal double dividend’, what he sees as the potential upside of securing a Brexit deal that is good for Britain and removes uncertainty as a result.
“This would be welcomed by most of our clients as recent market volatility has reminded us that markets do not like uncertainty and can react negatively to the merest speculation”.
In his one hour and 13 minute address to MPs this afternoon, Mr Hammond said it was a “defining moment in the country’s economic future”, with the era of austerity “finally coming to an end”.