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05th December 2012

The Autumn Statement

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The Chancellor’s 2012 Autumn Statement has not announced any rise in taxes and has announced some reductions.

In summary:-

The 3p-a-litre increase in fuel duty, planned for next January, is cancelled.

The 2013-14 increase will be deferred until 1st September 2013. The basic rate income tax threshold will rise next year (April 2013) by £235 to £9,440. The threshold for the 40% rate of income tax will rise by 1% in 2014-15 and 2015-16, from £41,450 to £41,865 and then £42,285. The Capital Gains Tax annual exempt amount will increase by 1% each year in 2014-15 and 2015-16.

The main rate of corporation tax will be cut by 1% to 21% from April 2014. The Inheritance tax threshold will be increased by 1% next year. It had been frozen at £325,000 until 5th April 2014. The increase will take the nil rate band to £329,000 from 6th April 2015. For further information, please click here