Pre-Budget Speech December 2013 Part 1

Published / Last Updated on 09/12/2013

State pension age increases are being brought forward to 2020 for state pension age of 66, and 2028 for 67. There are also discussing further increases for those retiring in 2030 onwards.State pension is being increased by £2.90 per week, giving a total on a basic state pension of £113.10. ISA allowances are being increased from April 2014 to £11,880 per annum. Junior ISAs & child trust fund allowances will be increased to £3840 per annum.Maximum lifetime allowance is being reduced from £1.5m to £1.25m from 2014.A new Individual Pension Protection for those who may be between £1.25m and £1.5m.Personal Allowance for tax will be increased to £10,000.If you are not using all of your personal allowance you can share it with your spouse.

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