It’s great news that the Junior ISA (and Child Trust Fund) allowance has been increased to £9,000. This move will help families build significant nest egg for their children’s future, whether eventually used for higher education or a house deposit.
“The Chancellor’s first Budget is one of unplanned circumstance, to a degree. Above all COVID-19 has succeeded in disrupting what should have been the Chancellor’s first attempt at outlining what the government’s vision for the post-Brexit UK really is.
The chancellor planted a few seeds for Boris Johnson’s future plans for the UK economy, before investing heavily in the fiscal equivalent of stockpiling to see the UK through the impending coronavirus (COVID-19) storm.
New Chancellor Rishi Sunak presented the Spring Budget on 11th March 2020. Of course, there was no Autumn Budget 2019 due to the general election, so this sees a return to a March Budget affecting the tax year starting 6th April.