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