Support for savers in Budget 2014

This afternoon the Chancellor of the Exchequer delivered his annual Budget to Parliament. Alongside measures to extend tax free childcare, reduce Beer Duty, and provide a further income tax cut for 24 million people through increases to the personal allowance, the Budget also contained a range of measures to support savers. These include: 1. The biggest reform of pensions taxation in a century, meaning: No one will have to buy an annuity if they don’t want to. There will be no 55 per cent tax rate if you try and take more than your tax free lump sum. Everyone who retires on these schemes will now be offered free, impartial, face-to-face advice. 2. Merging the cash ISA and stocks & shares ISA into a single New ISA with an annual limit of