Budget  

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. 

imogen.tew@ft.com

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