A look ahead to the Budget

The Budget will soon be on its way.

It was announced last year by the Chancellor Philip Hammond that the Budget was to be moved back to the autumn to simplify the process of setting taxes and government spending.

This is the first year of the new system being in action.

As with previous years, Pension Tax Relief is under review, but it is unlikely that this will come to anything.

Currently, if a person is paying contributions into particular types of pension scheme and the contribution isn’t treated as paid net of basic rate income tax relief, they can claim back all the tax relief that’s due (both basic rate and any higher rate relief) from HMRC.

The Budget is expected to take place at the end of November.

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