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20 things to learn from this year's Autumn Statement

by Scott Brown | Dec 04, 2014
  • Kevin Beare & Co, a proud member of Sable Group, has provided us with a list of the key announcements from Chancellor George Osborne’s Autumn Statement. We detail the 20 most important points below.
    20-things-you-can-learn-from-this-year's-autumn-statement

    Business

    1. Business rates

    • Small business rate relief will be doubled for another year.
    • The inflation-linked increases to business rates will be capped at 2%.
    • There will be a review of the structure of business rates.
    • The business rates discount for certain high street shops will increase by 50% to £1,500.

    2. Research and development

    • Research and development tax credit will increase to 230% for small and medium-sized businesses and 11% for large firms.

    3. Business finance

    • The British Business Bank will be expanded.
    • The Funding for Lending Scheme will be extended by a year until January 2016.

    4. National Insurance

    • Businesses will not have to pay National Insurance contributions when they hire apprentices who are under 25, up to the upper earnings limit.
    • National Insurance contributions for employing anyone under 21 will be abolished from April 2015. 

    5. Diverted profit tax

    • Profits generated by multinational companies in the UK which are then moved offshore will be taxed at 25%.

    6. Banks

    • The amount of profits that banks can offset against losses carried forward from the financial crisis will be limited to 50%.

    Personal

    7. Income tax

    • The Personal Tax Allowance will increase to £10,600 a year from April 2015. The higher rate threshold will rise from £41,865 this year to £42,385 next year.

    8. ISAs (Individual Savings Accounts)

    • The annual ISA allowance will increase to £15,240 a year from April 2015.
    • ISA savings that are inherited by a surviving spouse from a deceased partner will retain their tax-free status.

    9. Pensions

    • The 55% tax on unused inherited pension pots will be scrapped.
    • People who die before they are 75 will be able to pass on joint life or guaranteed term annuities tax-free.

    10. Residential Property Stamp Duty

    • The way stamp duty is applied to residential properties will change to a marginal rate system. From midnight on 3 December 2014, rates will only apply to the proportion of the property price that falls within each band. The rate will be 0% on the first £125,000, rising to 12% on prices above £1.5 million.

    11. Non-domiciles

    • Charges for non-domiciles resident in the UK for 12 of the last 14 years will increase to £60,000.
    • A new £90,000 charge will be introduced for non-domiciles resident in the UK for 17 of the last 20 years. 

    12. Aid workers

    • Aid workers who die in service will be exempt from Inheritance Tax.

    Other announcements

    13. Devolution

    • The Northern Ireland Executive will be able to control corporation tax within this parliament if it can prove that it can cope with the financial implications.
    • The Welsh Government will get full powers over the business rates regime.
    • Draft clauses will be released in the new year for devolution of Income Tax power to Scotland.

    14. NHS funding

    • The NHS will get an extra £2 billion a year until 2020. There will also be £1.2 billion of investment in GP services across the country.

    15. Tax avoidance

    • A continued crackdown on tax avoidance and evasion will raise at least £5 billion in the next parliament.

    16. Student loans

    • Masters students will be able to get government-backed student loans of up to £10,000 to fund their studies.

    17. Air Passenger Duty

    • Air Passenger Duty will be abolished for children under the age of 12 from May 2015 and for children under the age of 16 from March 2016.

    18. VAT refunds

    • Hospice charities, search and rescue services, and air ambulances will benefit from VAT refunds.

    19. Carers

    • Carers will be included in the Employment Allowance, which reduces employer National Insurance contributions by up to £2,000.

    20. Fuel duty

    • The freeze on fuel duty will continue.

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