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The Autumn Statement - Key Points

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5 December 2012

The Chancellor George Osborne has now delivered his Autumn Statement. Here is a quick summary of the key points:

  • Forecast growth downgraded from +0.8% to -0.1% for the current year
  • Forecast for the next four years also downgraded since forecast in March
  • Targeting tax avoidance and evasion
  • Tax evasion cases up by 80%
  • Pension lifetime limit down in April 2014 from £1.5m to £1.25m
  • Pension annual allowance down in April 2014 from £50,000 to £40,000
  • Government to tackle welfare fraud
  • £5bn capital investment into infrastructure, such as roads and rail
  • £1bn to expand schools and build 100 new free schools and academies
  • ISA limit to increase to £11,520 from April 2013
  • Small businesses with turnover up to £77,000 can apply for cash accounting for tax purposes from April 2013
  • Benefits during working age to be restricted to 1% increases for the next two years
  • Child Tax Credit and Working Tax Credit to be restricted to 1% increases for the next two years
  • Higher rate threshold, capital gains tax annual exemption and inheritance tax nil rate band restricted to 1% increase per year, for the next two years
  • Personal allowance to increase to £9,440 from April 2013
  • Personal allowances increases will result in person on minimum wage having a tax bill that is half of that in 2010
  • Empty property relief for rates is to be extended from three months to 18 months from October 2013, for newly built properties
  • Annual Investment Allowance to increase from £25,000 to £250,000 on 1 January 2013, for a period of two years
  • Planned 3p per litre rise in fuel duty, due to apply in January 2013, is to be scrapped
  • Main rate of corporation tax to reduce to 21% from April 2014

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Julian Millinchamp - Indirect Tax Director
Julian Millinchamp
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