Tim Walker the Head of Brewin Dolphin’s office in Exeter said,
“Like a
phoenix from the flames, Osborne’s policy sees the British pension rise from
its deathbed, freed from fears over stealth taxes and over complication. This
is a total game changer, and will result in the almost immediate death of the
annuity – for which we have long called for. It is a huge change in the
flexibility of the pension system, with lower taxes and higher lump sums. We
welcome the fact that the government is willing to trust people with their own
finances and await clarification on how the vast amount of necessary advice
will be delivered.”
“The Chancellor has removed the ‘nanny knows best’ aspect of the ISA – allowing a far broader range of products, and the ability to switch from shares to cash and back again. With a massive increase in the amount that can be sheltered in an ISA wrapper, as well as the inclusion of peer to peer lending and shorter dated retail bonds, the ISA is now a far sharper tool in the tax planning toolkit.“
“Given the importance of retired individuals to Devon’s economy we
expect these changes will have a local impact. We also expect to see a
significant rise in the demand for advice on how best to benefit from the new
rules.”
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