Ahead of the Budget next week, we asked our team of Financial Planners what measures they would like to see announced by George Osborne on Wednesday 23rd March 2011.
Nick Bamford, Chartered Financial Planner
I would like to see radical changes that will reignite the economy and the nation at large. In particular, I would like to see the personal allowance increased to £10,000 for everyone, at the same time doing away with age related income tax allowances to make things simple.
Osborne should reduce the rate of VAT to 12% to help to stimulate the retail sector. He should also double the price of cigarettes, reduce fuel duty by 50% and introduce 100% allowance for small businesses for any spend associated with the cost of recruiting new employees.
Philip Sullivan, Financial Planner
My request is simple; I would like to see pensions legislation kept simple and no further changes to this within the term of the current Parliament. There has been too much change since ‘simplification’ in 2006, which has increased advisory costs and dented investor confidence.
This request is unlikely given the recent proposals to reform public sector pensions, but hopefully those of us with money purchase pensions will see the rules associated with contributions and benefits settle down for a while.
Andrew Neligan, Chartered Financial Planner
High on my Budget wishlist is a meaningful increase to the inheritance tax nil-rate band. I would also like to see the asset threshold below which Local Authorities provide financial support for care fees increased substantially.
Martin Bamford, Chartered Financial Planner
I would like to see Osborne announce an increase to the capital gains tax annual allowance, to encourage more people to invest once they have used their ISA allowances.
It would also be good to see a promise not to tinker with the pension rules for at least five years, to give investors an opportunity to understand the new contribution limits and benefit rules.
What measures would you like to see introduced in the Budget next week?
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