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Notable dates for your financial calendar
Today, the tax on a pint of beer will be cut by a penny – and duty rates on cider and spirits will fall by 2 per cent. These changes may not be much cause for celebration, but the 2015 Budget did give rise to a number of dates that consumers should diarise. In the timeline below, Your Money lists the most notable points on your financial calendar for the next three years.
2015
- March
Gocompare launch new, officially accredited current account comparison tool as part of the Government’s Midata initiative.
- April
Long-trailed pension freedoms officially launched.
55 per cent tax charge on inherited pensions abolished.
Personal tax allowance increased to £10,600; higher-rate threshold increased to £42,385.
Tax-free Isa allowance increased to £15,240.
Junior ISA and Child Trust Fund allowances increased to £4,080.
Married basic rate taxpayers able to transfer up to £1,050 of income tax personal allowance to spouse or civil partner.
- May
Air Passenger Duty for children aged 12 and under with economy-class flight tickets abolished.
65+ savings bonds through National Savings and Investments ends.
- June
The premium bonds investment limit is increased to £50,000.
- September
New tax-free childcare scheme launches, giving all working parents with children aged 12 and under up to £2,000 per child to help with nursery and child-minding costs.
- October
New scheme launches, allowing pensioners and those reaching the state pension age before 6 April, 2016 can pay extra National Insurance contributions to boost their pension. This scheme will be open for 18 months.
The adult national minimum wage increases by 3.1 per cent to £6.70 an hour. The apprentice rate, for people aged 16 to 18, increases by 57p to £3.30.
2016
- March
Air Passenger Duty for children aged 16 and under with economy-class flight tickets is abolished.
- April
New flat-rate state pension introduced those reaching state retirement age from April 6; weekly pay £148.40.
Annuity holders can sell their contract to a third party.
Lifetime Allowance for people saving into a pension reduced from £1.25m to £1m.
Tax-free personal allowance rises to £10,800.
New Personal Savings Allowance introduced, exempting first £1,000 of savings interest from tax for basic-rate taxpayers, and first £500 for higher-rate taxpayers.
New system to cap costs of long-term care introduced. State will pay personal care costs once individual has spent £72,000 of their own funds.
Lump sum payments from a pension bequeathed by an individual who died over the age of 75 will be taxed at the beneficiary’s marginal rate of income tax, rather than at 45 per cent.
2017
- April
Personal tax allowance increased to £11,000; higher-rate threshold increased to £43,300.