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November 28, 2013

Autumn Statement 2013 - Out Soon

The Autumn Statement (formerly known as the Pre-Budget Report) for 2013 will be provided by George Osborne on Thursday 5 December 2013.

This is regarded as the second most significant economic event after the Budget. During his Autumn Statement the Chancellor updates MPs and the country on the government’s taxation and spending plans, which are based on the latest forecasts for the UK economy.

Commentators are predicting a whole range of taxation changes including:-

-Structural changes in the ISA regulations
-Tax breaks for married couples and civil partners (see our blog http://wp.me/p3gayI-7t)
-Capital gains tax charges on overseas investors in UK property
-A range of tax reliefs for businesses and companies

At this stage any suggestions regarding the Autumn Statement are pure speculation. What we do know is that some announcements have already been made, which will come into force from April 2014, including:-

-A £2,000 allowance for all businesses and companies to offset against their Employer's National Insurance contributions
- A reduction in the main corporation tax rate to 21%
-An increase of the threshold for interest free employer related loans for benefit in kind purposes from £5,000 to £10,000


Contact us today to discuss your tax requirements.
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