Autumn Statement 2016 – tax changes we already knew about

Autumn Statement 2016 – tax changes we already knew about

Quite a lot had already been announced.

Corporation tax to reduce to 17% from 2020 – this was confirmed today.

Tax-free personal allowance – will increase to £11,500 from next April

Higher rate threshold to increase to £45k from next April

Restrictions on tax relief for higher-rate landlords from next April

Salary sacrifice schemes to be scrapped from April 2017 although more details on exemptions were provided today

£1m IHT nil rate band for couples passing on estates containing property from April 2017

Loss relief extension and restriction on profits above £5m

Business with profits above £20m will have to pay corporation tax on account. The implementation has been delayed until April 2019 to allow businesses time to prepare; no further mention was made in today’s Autumn statement

Further crackdown on avoidance and tax penalties of 60% are to be imposed – this was previously announced

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