Key Points from the Autumn Statement 2012

Posted by on Dec 6, 2012 in HMRC, tax | 0 comments

George Osbourne has delivered his 2012 Autumn Statement we’ve summarised the key points covering business, individuals & pensions.

BUSINESS

  • The small companies rate of tax is to be left at 20% but the main corporation tax rate will be cut by a further 1% to 21% by 2014.
  • Small business rate relief is to be extended by another year to 2014.

INDIVIDUALS

  • The personal allowance to go up to £9,440 next year.
  • The 40% tax threshold is to rise by 1% in 2014 and 2015 from £41,450 to £41,865 and then £42,285.
  • The capital gains tax annual exemption amount is to increase by 1% to £11,000 in 2014/2015.
  • Inheritance tax limits, which currently stand at £325,000, will increase by 1% in £329,000 in 2015/16.
  • The overall ISA savings limit will increase from £11,280 in 2012/13 to £11,520 in 2013/14.

PENSIONS

  • The annual savings limit will reduce from £50,000 to £40,000 in April 2014.
  • From 2014/15 there will be a further reduction in the lifetime pension relief allowance from £1.5 to £1.25m.

If you have any queries on the above please don’t hesitate to get in touch.