Here’s our summary of the key announcements from last week’s Autumn Statemement..
Always a meaty area for the Chancellor, here are some of the key measures announced today. Employers National Insurance Contributions (NIC) – Employer NIC will be abolished for businesses employing under 21s from April 2015. This exemption applies to those earning below the upper earnings limit which will rise to £42,285 a year (£813 per week). Employee Ownership – The Conservative Party … Read More
Personal allowance It was announced in 2013 Budget that the personal allowance will be increased by £560 to £10,000 from April 2014. As a result, by April 2014 a typical basic rate taxpayer will pay £705 less income tax per year in cash terms than they would have in 2010-11. The coalition is expected to have a May 2015 election … Read More
In a widely predicted move, and one no doubt with a general election in mind, the government will introduce capital gains tax (CGT) on future gains made by non-residents disposing of UK residential property from April 2015. We expect further guidance on this in April 2014. This brings the rules for non-UK residents in line with UK residents when selling … Read More
What was missing? After last year’s surprise announcement over the tenfold increase in the Annual Investment Allowance, open minds were the order of the day. Areas not announced in the Autumn Statement 2013 which we thought might get a mention included: Seed Enterprise Investment Scheme – the threshold for the SEIS was predicted to increase from £150k to £500k but … Read More