The Autumn Statement lasted for just over 1 hour and whilst I was glued to the computer screen watching every moment, I completely understand this wasn’t the case for everyone. Here are some of the tax-related highlights and promises that I believe you should be aware of:
- The government have committed to raising the personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of this parliament
- Commitment to cutting corporation tax to 17% by 2020
- Reducing business rates by £6.7 billion over the next 5 years
- Fuel duty will be frozen from April 2017, saving the average driver £130 a year
- Insurance premium tax will rise from 10% to 12% in June 2017
- Ensuring multinationals pay their fair share of tax.
If you would like any additional information, please contact Michael Burgess on 01782 279615.