Autumn Statement Update

Autumn Statement Update

Key points to note following George Osborne’s Autumn Statement are:

  • The 3p-a-litre increase in fuel duty, planned for next January, is cancelled
  • Most working-age benefits to rise by 1% for each of next three years
  • Basic state pension to rise by 2.5% next year to £110.15 a week
  • Child benefit to rise by 1% for two years from April 2014
  • From 2014-15 lifetime pension relief allowance to fall from £1.5m to £1.25m
  • Basic income tax threshold to be raised by £235 more than previously announced next year, to £9,440
  • Annual investment allowance (AIA) increased tenfold to £250,000 for two years from 1 January 2013
  • 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
  • Pension savers targeted with £10k reduction in annual allowance for tax to £40,000 in 2014-15
  • Main rate of corporation tax to be cut by extra 1% to 21% from April 2014
  • Inheritance tax threshold to be increased by 1% next year
  • ISA contribution limit to be raised to £11,520 from next April
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