Siobhan Mail, Director & IFA of Seer Green Financial Planning comments on the Autumn Statement announced last Wednesday by George Osborne.
The delayed increase of phased contributions for Auto-Enrolment will be on the whole welcomed by employers. Many of whom have not given it the consideration it requires. However, caution needs to be exercised and any further delays on planned increases would certainly give out the wrong message on the importance of pension funding.
Pensions tax relief remains under consultation, we often expect this to be under attack and although no changes were highlighted in the statement we do believe that there is scope for the chancellor to look at reducing Tax Relief in the 2016 Budget.
The losers in this Autumn Statement were Landlords who will face an additional 3% stamp duty on purchasing properties over £40,000 to be levied from 31 March 2016, making buy-to-lets a less attractive investment proposition. This builds on the previous proposals looking to limit mortgage Interest relief