Yesterday the Chancellor Philip Hammond presented his first, and last, Autumn Statement along with the Spending Review.
His speech and the supporting documentation set out both tax and economic measures.
One of our Partners Robin John, who heads up the Tax department at Wellden Turnbull, summarises this years announcements.
Furthermore we have a written summary below, concentrating on the various tax measures which include:
- the government reaffirming the objectives to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of this Parliament
- reduction of the Money Purchase Annual Allowance
- the annual ISA allowance will be increased to £20,000
- review of ways to build on research and development tax relief
- tax and National Insurance advantages of salary sacrifice schemes to be removed
- anti-avoidance measures for the VAT Flat Rate Scheme
- autumn budgets commencing in autumn 2017.
In addition the Chancellor announced the following pay and welfare measures:
- National Living Wage to rise from £7.20 an hour to £7.50 from April 2017
- Universal Credit taper rate to be cut from 65% to 63% from April 2017.
In the March Budget the government announced various proposals, many of which have been subject to consultation with interested parties. Some of these proposals are summarised here. Draft legislation relating to many of these areas will be published on 5 December and some of the details may change as a result.
Our written summary also provides a reminder of other key tax developments which are to take place from April 2017.
You can obtain more details of the Autumn Statement, and its key points, by going to the following pages on our website:
Personal Tax – Personal allowance, Tax band and rates, Tax savings on incomes, ISAs, Pensions, Universal Credit
Business Tax – Corporation Tax, Corporate Tax Loss Relief, Research and Development, Class 2 NICs, Substantial Shareholder Exemption, Social Investment Tax Relief, Tackling the hidden economy, Venture capital schemes
Employment Issues – Off payroll working public sector, Apprenticeships, Income Tax and NIC, National Living Wage, Employer Provided Cars
Capital Taxes – Capital Gains Tax, Inheritance Tax, Employee Shareholder Status
Other Matters – Including Digital Tax, VAT Flat Rate Scheme, Non-UK Domiciles, Insurance Premium Tax Relief
For more information re the Autumn Statement please do not hesitate to call us. You can also book a free ‘no obligation’ meeting on 01932 868444 or 0207 381 2022 Contact us.