Posted on 6 December 2013
George Osborne presented his latest Autumn Statement on 5th December against a backdrop of increasing optimism and belief that the UK economic recovery is gathering pace. The announcement of a further £3 billion of Government spending cuts may have helped to dampen the enthusiasm of his colleagues.
The tax initiatives he detailed had been well signposted and the highlights are:
- Further initiatives to tackle tax avoidance;
- Capital Gains Tax on residential property for non-residents from April 2015;
- Various initiatives to tackle the burden of business rates for smaller businesses;
- An Income Tax personal allowance of £10,000 from next April and a £1,000 transferable married couples’ allowance from April 2015 for basic rate tax payers;
- The removal of Employer’s National Insurance for employees under 21 from April 2015; and
- No fuel duty rise next year!
So despite the optimism, and Mr Osborne’s comments that reducing Corporation Tax has had a marked, and positive, effect on the economy, no rabbits out of the hat – we will perhaps have to wait for the pre-election Budget in March 2015 for those!
To read our full analysis of George Osborne’s 2013 Autumn Statement click here.