Despite all the speculation as usual, there were no seismic changes from a financial planning perspective. A quick summary of the main points to note is:

1. PENSIONS

There are no changes to pension tax relief, tax free cash entitlement or annual allowances.

2. ISAs

The annual allowance remains unchanged at £20,000 per individual each year until 2031, but for the under 65’s, there is now a limit of £12,000 that can be paid into a cash ISA.

3. INCOME TAX

The income tax threshold freeze has been extended to 2031. Pay rises will ultimately push more people into higher tax brackets, as although wages are rising the income tax thresholds are not.

4. SALARY SACRIFICE

From April 2029, National Insurance contribution relief will be capped at £2,000 pa.

5. PROPERTY INCOME & SAVINGS INTEREST TAXES

Will rise by 2% from April 2027.

6. DIVIDEND INCOME TAX

Basic and higher rates will rise by 2% from April 2026.