Chancellor’s Autumn Statement
Having listened to the Chancellor’s Autumn Statement today I cant help but feel it was a bit of a disappointment after all the post-Brexit hype.
For full detail please visit this HMRC article, but a few of the main points are:
A £2.3 billion housing infrastructure fund to help provide 100,000 new homes in high-demand areas, plus an extra £1.4 billion to provide 40,000 additional affordable homes – this has to be a boost in tackling the tcritical housing shortage.
Personal tax allowances to rise to £11,500 as promised next April.
£1.1 billion investment in English local transport networks.
£1 billion plus for digital infrastructure.
A rise in insurance premium tax to 12% from next June – yet another way of taxing us under the radar.
An increase in the National Living Wage to £7.50 from April. While this is good news for employees, it can make it very tough for small business to afford these increases, especially in areas such as Devon and Cornwall, where many small business owners are struggling to keep their heads above water.
Fuel duty rise has been cancelled for the 7th year in succession.
Tax savings on salary sacrifices and benefits in kind are to be stopped, although there are exceptions for ultra-low emission cars, pensions, cycling and childcare.
Higher rate income tax threshold will rise to £50,000 by the e of the parliament.
National Insurance thresholds for employer and employee are to be equal at £157 per week from April 2017.
There will be the launch of a new savings bond with a 2.2% interest rate from spring 2017, and savers over the age of 16 will be allowed to save up to £3000.
A bit of a mixed bag overall , the confirmation that some earlier promises will be adhered to, and a few new promises made, but not really the post-Brexit Autumn Statement that many were hoping for.
The Chancellor has presented his Autumn Statement to Parliament – here’s a summary of what was announced.
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