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Key financial dates for 2019

There’s a lot happening in 2019, from Brexit uncertainty to changes to how much money ends up in your pocket, your pension and the taxman’s hands. Here are a few key dates to keep an eye out for this year.

1 March During March, NS&I are implementing changes to the rules around Premium Bonds. The minimum savings amount will be cut from £100 (or £50 by standing order) to £25 for both one-off purchases and standing orders.

13 March The Chancellor’s Spring Statement, used by the Chancellor to respond to new economic forecasts and to discuss long-term issues ahead of the Autumn Budget. However, with just over two weeks until Britain’s exit from the EU, expectations are that the Chancellor will deliver an emergency Budget if the UK leaves the EU without a Brexit deal.

29 March Brexit day. Financial forecasters are predicting doom and gloom for the pound, the housing and stock markets and a slowdown of global GDP. With the manner of our exit from the EU still up in the air, we may dramatically crash out, or quietly back out of the door in the manner of someone who’s accidentally sat on a trifle.

1 April The National Living Wage and Minimum Wage for all ages will increase.

5 April The last day of the tax year to take advantage of tax allowances. Subscribe to our newsletter here for our guide to end of tax year savings – but don’t leave it until 5 April!

6 April The beginning of the new tax year will bring more money in millions of people’s pockets via the raise in basic personal tax allowance in England and Wales from £11,850 to £12,500 and higher rate from £46,350 to £50,000. However, payslips may be slightly depleted by changes in auto-enrolment making increases to pension payments. The lifetime allowance for pension savings rises to £1,055,000. State pensions will rise by £3.25 for basic state pensions and £4.25 for the new full state pension.

1 May NS&I index-linked savings certificates will now be linked to the consumer prices index rather than the retail prices index, which means certificate holders will lose out as the CPI is lower than the RPI.

29 August The deadline for complaining about mis-sold payment protection insurance or PPI (and hopefully an end to some of the nuisance calls received on a daily basis).

30 November Help to buy ISAs will no longer be available to new savers. Current holders can continue to save into a Help to Buy ISA and have until 1 December 2030 to claim their government bonus of £50 for every £200 they save.

Also, don’t forget your monthly tax reporting dates and deadlines for PAYE/NIC, student loan and CIS deductions. For a monthly reminder, subscribe to our newsletter here.

 

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