Budget 2020: Five takeaways for advisers

4 Joy for Junior Isas

In simpler news, the government announced it would double the amount clients were allowed to invest in their children's Junior Isa to £9,000.

Adrian Lowcock, head of personal investing at Willis Owen, said it was a “truly eye-catching change”.

The change means parents could build a tax-free pot of more than £240,000 by the time their child reaches 18, assuming they put the maximum in each year and it grows by 4 per cent every year after charges.

5 No-shows

But not everything made it into Mr Sunak’s first red book, with no meaningful policy on social care, barely a mention of inheritance tax and no mention of the changes to the controversial IR35 rules.

The government skirted over social care, merely saying it was committed to long-term reform of the system - and that Matt Hancock, secretary of state for health and social care, has written to MPs to begin building cross-party consensus on reform.

Advisers had been hoping for a simplification of inheritance tax, which has not been announced, while contractors and businesses who were campaigning for the proposed changes to IR35 to be scrapped will also be left disappointed. 


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