Budget

richallum · November 27

@les_cameron & the M&G team have published a really useful summary of yesterday's announcements:

https://www.mandg.com/wealth/adviser-services/tech-matters/government/autumn-budget-2025

les_cameron · December 1

Thank you - we try our best!

Wildparaplanner · December 3

I'm finding the initial "rules" for Cash ISAs from the recent HMRC newsletter somewhat concerning given the added complexity:

https://www.gov.uk/government/publications/tax-free-savings-newsletter-19/tax-free-savings-newsletter-19-november-2025

"The following rules will be introduced to avoid circumvention of the lower limit for cash ISAs:

no transfers from stocks and shares and Innovative Finance ISAs to cash ISAs
tests to determine whether an investment is eligible to be held in a stocks and shares ISA or is ‘cash like’
a charge on any interest paid on cash held in a stocks and shares or Innovative Finance ISA
These rules will apply to investors under the age of 65.
."

Looks like lower risk investors who may have a proportion in cash-like investments as part of their asset allocation are going to be penalised.

Anyone who's circumstances change, where say an existing stocks and shares ISA may become unsuitable and where a transfer to a cash ISA would be a more suitable solution is locked out from this option (under 65) and has to remain invested in risky investments, or pay an unknown charge on interest generated.

Also, someone in decumulation pre 65 may be impacted as a result if holding any cash element or lower risk portfolio in cash like investments in their portfolio as part of the strategy. It may be that ISAs find themselves down the pecking order when it comes to a regular income pre-65.

I guess we see what comes of the consultation. Any other planning thoughts I've missed?

richallum · December 3

@Wildparaplanner good comment. I'm just about to meet with Les to plan content for our Online Assembly next week on the Budget and will add this to the list.

Budget

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