Highlights of the 2013 Budget

22nd March 2013 by RetireEasy

Another year, another budget, but how does the 2013 Budget impact retirees? Here are the highlights:


  • Government confirms review of GAD calculations.


  • Flat Rate pension of £144 per week confirmed to commence from April 2016 – there will be protection for Basic and Additional State Pensions already accrued at a higher level.


  • No change in Government’s decision to phase out Age-related Income Tax Allowance – likelihood of one allowance for all from 2015 at the latest.


  • IHT Allowance – Freeze on IHT threshold at £325,000 until 2019 confirmed.


  • Annual Allowance for maximum pension contributions reduced from £50,000 pa to £40,000 pa from April 2014.

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