Autumn Statement 2014 at a glance

Reposted from Accounting Web

Should you be interested, here is Gidiots Autumn Statement.

HM Treasury

Business taxation

  • Small business roundup
    – Proposal to restrict Entrepreneurs’ Relief on personal and internally generated goodwill when a business incorporates
    – Business rates to be reviewed and inflation-linked increase in business rates capped at 2%
    – Funding For Lending initiative extended for another year to January 2016
    – National Insurance on young apprentices abolished
    – Enterprise Finance Guarantee to get £500m of new lending, plus £400m government-backed venture capital funds which invest in SMEs
  • Multinationals hit with diverted profits tax – 25% tax on profits generated by multinationals that are shifted out of the UK – set to raise £1bn over five years
  • SME R&D tax credits rise to 230%
  • Osborne plays the broadband card again
  • Bank profits which can be offset by losses for tax purposes to be limited to 50%

Personal taxation

  • SDLT ‘slab’ rates reformed – 0% up to £125K, 2% paid on the price up to £250K, then 5% on £250-£925K; and 10% on up to £1.5m and 12% on any amounts above £1.5m+
  • Personal tax allowance to increase to £10,600 next April 2015
  • Higher rate income tax threshold to rise to £42,385 next year
  • £90,000 charge for non-doms resident in the UK for 17 of the past 20 years
  • Air Passenger Duty to be scrapped for under-12s from 1 May 2015 and for under-16s in 2016
  • 55% death tax passed on to loved ones abolished
  • Spouses will be able to inherit their partners’ ISAs tax free upon their death and ISA threshold increases goes up to £15,240 from April 2015

Tax tables and documents

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