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Experts breathed a sigh of relief as Philip Hammond’s Budget yesterday avoided a tax raid on pensions.

Chancellor Philip Hammond confirmed today that his next Budget will take place on Monday 29 October.


Unusually, the Budget is being held on a Monday this year. It's is typically on a Tuesday or Wednesday.

The Treasury said the Budget would “set out the government’s plan to build a stronger, more prosperous economy, building on the recent Spring Statement and last year’s Budget.”

The announcement of the Budget date was slow to emerge this year with some commentators believing the Chancellor was waiting for the conclusion of Brexit negotiations with the EU.

As there is little sign these will be concluded quickly it now appears he has decided to press ahead with a relatively early Budget date despite some experts believing it could have been put off until November or even December.

Mr Hammond Tweeted: “I’ll set out how our balanced approach is getting debt falling while supporting our vital public services, and how we are building a stronger, more prosperous economy.”

Mr Hammond moved the date of the Budget from March to the Autumn after taking over as Chancellor to avoid an end of year tax scramble.

Some commentators have predicted Mr Hammond may limit pensions tax relief and introduce other pension changes but the Treasury has not commented on any speculation.

The first Spring Statement will be delivered by the Chancellor a week from today on 13 March, replacing the traditional March Budget.
In a 2018/19 budget consultation paper released today the Financial Ombudsman Service (FOS) has warned that it is expecting to receive more complaints than the budget it has available to deal with them.
The ABI wants legislation to compel pensions providers and schemes to provide data to Pension Dashboards - its government-backed project to give consumers a one-stop place for all their pensions information.
In August, HM Treasury and the Department for Work & Pensions finally released their response to the ‘Pension Scams’ consultation.
Pension professionals are unhappy that the Chancellor has ploughed ahead with the cut of the Money Purchase Annual Allowance.
Regular readers may recall the first Blog that I wrote for Sipps Professional in December last year, entitled “The Law is a Drag”.
The much-anticipated capital adequacy regime for SIPPs is finally upon us, and providers now have to get out their abacuses, and remove their shoes and socks, in order to undertake the calculations that will determine the requisite size of their capital reserves, underpinning the membership of their SIPP book of business and portfolio of assets.
Who could have predicted the political machinations that have unfolded since the UK narrowly voted ‘Leave’ on June 23rd, with more sackings and resignations in the last three weeks, than during a normal week at Leeds United.
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