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Key Adviser Issues in Budget 2015



    His sixth Budget, which was littered with jokes about Labour leader Ed Miliband’s two kitchens, was dominated in adviser sector headlines by Mr Osborne confirming the government would push ahead with developing an annuity re-sale market.

    When a panel of experts convened by FTAdviser looked into the fine print of the government’s proposals for establishing the plans they just found seemingly insurmountable hurdles being presented rather than a plan on how to get such a market off the ground.

    Other pertinent announcements included some minor giveaways to boost savers; related further help for young or deposit-shy homebuyers; the latest change to pension saving allowances; fresh crackdowns tax evasion that has implications for advisers; and some minor revisions to tax-efficient investment scheme rules.

    On the macro picture we got a strike back at claims austerity measures would plunge the UK back into a depression comparable with that of the 1930s, with some fiscal engineering and a genuine softening of the pace of cuts bringing us closer to the present day, albeit in an abrupt fashion.

    This guide will explore what was announced in this year’s Budget, what the ramifications of these measures will be for your clients and the action you need to take now to benefit those you advise.

    Contributors of content to this guide are: HM Treasury; HM Revenue & Customs; Brian Henderson, partner at Mercer; Steven Cameron, regulatory strategy director at Aegon; Martin Tilley, director of technical services at Dentons Pension Management; Chris Williams, chief executive of Wealth Horizon; Phil Smithyes, managing director at Crowe Clark Whitehill Financial Planning; Gary Shaughnessy, chief executive of Zurich UK Life; Rick Eling, senior client fund manager at Sanlam; John Cassidy, tax investigation partner at audit, tax and advisory firm Crowe Clark Whitehill; and Kris Brewster, head of products at Skipton Building Society.

    In this guide


    Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

    1. Why does Mr Stopard say existing providers may be best placed to offer buyouts to those with small income streams?

    2. What is the personal allowance for income tax for 2016 to 2017?

    3. Why does Mr Tilley think IFAs will probably not want to provide advice on annuity re-sale?

    4. According to the Council of Mortgage Lenders, what is the median level of deposit required by first-time buyers?

    5. What does Mr Bennie think the changes to the personal savings allowance will mean for Cash Isas?

    6. Who does Mr Smithyes warn the reduced lifetime allowance will create a funding dilemma for?

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