Budget 2014 – good news for pensioners, savers and
entrepreneurs
By Tina Riches
This year's Budget was an opening salvo to next year's
general election campaign. The Chancellor announced a raft of
populist measures across personal and business taxes, with the most
unexpected change being the radical shift for pensions. This was
all against a backdrop of an ever-sharper focus on eliminating
perceived tax avoidance and noncompliance.
Pensioners to benefit
There was good news for pensioners, all of whom are likely to
benefit in the long run from proposals to make it more flexible for
them to draw their pension. The Government plans to abolish the
legal requirement to acquire an annuity from 2015, enabling
retirees to choose when and how they take money from their pension
pot.
