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John M Taylor & Co | Accountants Paisley/Taxation/Vat Returns/Business Start Ups/Sage/Payroll/Bookkeeping

How Will the Autumn Statement Affect You?

George Osborne, Chancellor of the Exchequer, delivered his Autumn Statement on 5 December 2012.  Some of the key tax issues arising are as follows:-

• Corporation tax rate to be cut by an additional 1% from 2014 to 21% (rather than 22% as previously announced).

• The Annual Investment Allowance will be increased from £25,000 to £250,000 per annum for a 2 year period commencing from 1 January 2013.

• Income tax personal allowance to go up to £9,440 next year, £235 more than previously announced. The rise will be extended to higher rate tax payers.

• Threshold for 40% rate of income tax to rise by 1% in 2014 and 2015 from £41,450 to £41,865 and then £42,285.  The cut in the threshold from the current £42,475 to £41,450 in 2013 was announced previously.

• Inheritance tax threshold to rise from £325,000 now to £329,000 in 2015/16.

• Planned 3p per litre rise in fuel duty scrapped

• Capital gains tax annual exempt amount to increase by 1% over the same period, reaching £11,100

• Cut in annual tax relievable allowance for contributions to pension schemes to £40,000 per annum from 2014/15 (currently £50,000).

 

A more detailed summary is available in our Autumn Statement Review, published in the Resources section of our website.

Posted - 06/12/2012

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