Budget  

What Budget 2017 should deliver

 

Scrap the lifetime allowance and make it fairer for small businesses to operate: these are two of the most wished-for amendments the financial services industry wants to hear in Budget 2017.

FTAdviser enlisted the opinions of an investor, an adviser and an accountant to ask what should be chancellor Philip Hammond's priorities for this Budget - his first ever in the role.

They were unanimous that the burden of excessive tax regulation should be unwound - and especially with regards to social care, pensions and the lifetime allowance.

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Adrian Lowcock, investment director for Architas, said it was hard to justify keeping the lifetime allowance (LTA) capped at £1m when the government is keen for individuals to bear the responsibility of funding their own retirement, rather than relying on the state.

Meanwhile Martin Bamford, chartered financial planner for Surrey-based Informed Choice, said the lifetime allowance penalised savers and was no longer fair, or needed.

Peter Dunn, former chartered accountant, said the burden of social care has become so large the government needed to do more to help local authorities and individuals fund it.

Whether their wish list will come true or not remains to be seen - but advisers taking a poll on Twitter today (8 March) have flagged removing the lifetime allowance, improving stamp duty to help get more people onto the housing ladder, and improving the inheritance tax threshold from its long-standing £325,000 limit.

Watch the full video to find out what else our panel are hoping the chancellor will do, and click here to join FTAdviser's Budget coverage LIVE at 12pm to hear first all the major announcement and what tax experts think the latest tinkering will mean for your clients.

You can also ask our experts questions by Tweeting @FTAdviser and using the hashtag #Budget2017.

simoney.kyriakou@ft.com