The full details of the annual Budget always emerge in the days following the Chancellor's speech. Clare Francis takes a look at the main announcements and evaluate the impact they'll have on family finances...

Click here to read this article...

Will you be better or worse off? Did the Government take the right measures? what would you have done diferently? Tell us what you think...

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Community

I know this won't be relevant to most of the people who read this forum but the higher rate restriction on pension contributions will impact this tax year for alot of the people who earn over £150k. If you earn over £150k and make your pension contributions in one annual lump sum (and didn't do so by 22nd April) you'll only get higher rate tax relief on the first £20,000. The rest will only attract 20% relief. If you make regular payments to your pension (at least quarterly) you won't be affected and will get 40% relief on the whole amount no matter how large (so long as you are with A day limits).

This is a stealth tax which is likely to hit the self employed the hardest as they can predict their earnings with less accuracy and will tend to make annual payment contributions. It doesn't matter that you might be able to demonstrate that you've made the same level of contribution for a number of years - you will only get 20% relief on anything over £20k (and if you make regular contributions as well they will count towards the £20k limit).

Community:

The full details of the annual Budget always emerge in the days following the Chancellor's speech. Clare Francis takes a look at the main announcements and evaluate the impact they'll have on family finances...

Click here to read this article...

Will you be better or worse off? Did the Government take the right measures? what would you have done diferently? Tell us what you think...

Iam 46 years old..can you tell me why you have to be 50 to start getting the benifit of the ISA ? Even when it comes into force its only £3000 if you use your full allowance....feels like if you over spend or get in debt or dont pay off your credit then thats ok....save and be sensible then this government will punish you...not only that ..the banks will lend you at above 5% but as a saver less than 1%....makes me mad..they should have done a lot more for savers..lets stop thinking its fine just to spend what we have not got...that goes for are banks as well..