A cut in the lifetime allowance, radical reforms to ISAs and the end of the annual tax return were among the headline announcements from yesterday's Budget.
But how have Financial Planners been reacting to the final Budget of this Parliamentary term? Read below for the opinions of some leading planners.

Keith Churchouse CFPCM, director and owner of Chapters Financial:

Your top 3 most significant points to emerge from Budget for Financial Planners/Paraplanners:

1. Pleased that the pension limit on contributions remaining unchanged, although disappointed about the reduction in the LTA to £1M.

2. The new savings allowance up to £1,000 is a strong move and I am sure will be welcomed by many.

3. Reduction in Corporation Tax to 20% helpful for SME and end of Class 2 NIC's for Self-Employed.

What was the announcement you 1) liked most and 2) disliked most and why?

Pleased that the pension limit on contributions remaining unchanged. Disappointed about the planned reduction in the LTA to £1M.

What were your overall thoughts on what was announced? How do you think this Budget will be viewed by the Financial Planning community as a whole and what will the impact be?

Certainly 'sold' as a feel good budget, reflecting on the last 5 years. Good for First time Buyers with the ISA incentive and the personal savings tax reduction is noteworthy. I think the Budget will be viewed positively by our community, although the detail and the delivery of the annuity freedoms could be problematic if not firmly controlled.

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Jon Bean, Financial Planner at Eldon Financial Planning:

Your top 3 most significant points to emerge from Budget for Financial Planners/Paraplanners:

1. The increases in personal allowance and the above inflationary increase in the threshold at which higher rate tax becomes payable.
2. Personal savings allowance to be launched, which will purportedly take 95% of Britons out of savings tax altogether . This has to be has to be widely welcomed.
3. The planned reduction of the lifetime allowance to £1m.

What was the announcement you 1) liked most and 2) disliked most and why?

1.The introduction of a 'personal savings allowance' will help a lot of people – although the retention of annual allowance and higher rate tax relief will be pleasing for those in financial planning.

2.The reduction in the Lifetime Allowance. This will introduce further change and complication as well as presumably the requirement for another level of 'protection'. I feel this may present a potential disincentive at a time of supposed 'pension freedoms'.

What were your overall thoughts on what was announced? How do you think this Budget will be viewed by the Financial Planning community as a whole and what will the impact be?

It was generally pitched as a feel good budget with reward for those who seek to provide for themselves and their retirement.

The Help to buy ISA was interesting but more detail required. I feel that it was also 'good' for savers with the introduction of the savings allowance, especially given the prevalence of low interest rates. I am concerned about the 'sale' of annuities – as this will presumably require the creation of a secondary market. It was however good to see further increases in tax thresholds for nearly all.

I think that this budget will be viewed as generally positive although to the cynic in me it sounded less like George was presenting a budget and more like he was addressing an election hustings. I think a judgement on the impact wil have to be deferred until May.

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Martin Bamford CFPCM, managing director Informed Choice:

Your top 3 most significant points to emerge from Budget for Financial Planners/Paraplanners:

What a cracking Budget! Last year we had a pensions revolution and this year we have a savings revolution.

The three most significant points arising for me are:

1) fully flexible ISAs
2) confirmation of the second-hand annuity market from next year
3) The abolition of the tax return.

What was the announcement you 1) liked most and 2) disliked most and why?

I couldn't identify anything in there I didn't especially like, although spending £1m on Agincourt to get a dig in at Labour seemed excessive. As a pre-election Budget, this was pulled off to perfection and has set the Tories up for a very strong campaign.

What were your overall thoughts on what was announced? How do you think this Budget will be viewed by the Financial Planning community as a whole and what will the impact be?

This was a Budget designed to boost sentiment 50 days before the election and introduced the prospect of the end of austerity, which is something we all need to hear after so many years of spending cuts.