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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.

    Sable International is fully equipped to manage your wealth, financial and nationality needs. Get in touch with us on info@sableinternational.com or +44 (0) 20 7759 7514. 

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

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