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Home» Economy » Autumn Statement 2012 Summary

Autumn Statement 2012 Summary

Posted by admin - December 7, 2012 - Economy

Autumn Statement

Corporation tax – main rate to be 21% from April 2014, rather than the planned 22% rate.

Pensions tax relief – reduction of the annual tax free allowance from £50,000 to £40,000 per year. Lifetime allowance to reduce from £1.5 million to £1.25 million.  Both with effect from 2014-15.

Personal income tax – 1% increase (rather than by inflation) for higher rate threshold from 2014/15 and 2015/16; individual allowance to be £9,440 and basic rate limit to be £32,010 from 6 April 2013.  big tax increase for middle earners.

Capital gains tax annual exempt amount – 1% increase from 2014/15 and 2015/16 to bring it eventually up to £11,100 in 2015/16.

Inheritance Tax – nil rate band to be increase from £325,000 to £329,000 from 2015/16.

Capital Allowances – a temporary 2 year increase in the Annual Investment Allowance from £25,000 to £250,000 from January 2013, predominantly to support SMEs.

Property Taxes – no significant announcements – confirmation of no “Mansion tax”; no SDLT changes.

Bank levy rate to increase to 0.13% from April 2013.

ISAs – overall limit to rise to £11,520 from 2013/14; SME equities to be able to be held in stocks and shares ISAs.

Employee share ownership scheme – further details of this promised to be released.

Fuel Duty – no 3 pence fuel tax rise in January 2013 (not a delay of the rise, a cancellation).

Tax avoidance – “abusive” use of partnerships to be investigated; certain “loopholes” to be closed with immediate effect.

For fresh ideas, new possibilities and a value driven service go to Garside & Co LLP Chartered Accountants in London.

Related posts:

  1. UK Budget 2012
  2. EIS tax relief
  3. Autumn statement 2011
  4. Enrollment dates for National Employment Savings Trust (NEST) pension scheme
  5. HMRC to launch 30 new taskforces in 2012/13

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