We have rebranded Retirement Advantage products as Canada Life. Visit our Retirement Account and Home Finance pages.

Please note the Janus Henderson funds are priced as at 14/11/18 and will be updated tomorrow due to no price being issued on 15/11/18.

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Autumn Budget 2018

The Autumn Budget contained a number of changes and announcements in pensions, estate planning and personal tax.

The Key Changes

Pensions

The pension annual allowance and money purchase annual allowance will remain the same and the Lifetime Allowance will increase in line with CPI.

Estate Planning

Inheritance tax receipts are forecast to rise from £5.2bn in 2017/18 to £6.9bn in 2023/24, an increase of 32.7%. The Government will legislate to amend the residence nil-rate band (RNRB). These amendments clarify the downsizing rules, and provide certainty over when a person is treated as ‘inheriting’ property.

Personal tax, savings and investments

From April 2019, the personal allowance will increase to £12,500 and the higher rate threshold to £50,000. Scotland may have different rates and thresholds.

The ISA annual subscription limit for 2019-20 will remain unchanged at £20,000. The annual subscription limit for Junior ISAs and Child Trust Funds for 2019-20 will be uprated in line with CPI to £4,368.

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.