ARTICLE · 21 JULY 2015

Weekly Tax Update - July 13, 2015

Smith & Williamson

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The Chancellor presented his first budget of the new Parliament on 8 July. A number of consultation documents were also issued last week.

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1 General news

Summer Budget 2015 1.1

The Chancellor presented his first budget of the new Parliament on 8 July. A number of consultation documents were also issued last week. We have noted the key ones below.

Smith & Williamson's commentary of the budget can be found on the Smith & Williamson website, www.smith.williamson.co.uk. Our Budget commentary is at:

www.smith.williamson.co.uk/publications/2129-summer-budget-2015-overview

Consultation: Incentives to save and pension tax relief 1.2

Recognising the general increase in longevity, the prevalence of defined contribution schemes, and the current costs to Government of the existing system, a consultation has been issued on suggestions for strengthening the incentive to save and the future of pensions tax relief. The consultation is open until 30 September 2015. The Government is keen to ensure the system for providing for retirement takes account of current and future trends and is sustainable.

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