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Autumn Statement 2013 – summary of main points

Here is a summary of the announcements initially picked up from the Autumn Statement 2013, taken from our tweets. Sign up to our ‘Save Tax’ newsletters on this page to receive a full report on the morning after the Autumn Statement Speech made on 5th December 2013.

autumn statement 2013

  • UK growing faster now than any other advanced economy says Chancellor
  • OBR forecasts 400,000 jobs created this year, compared with earlier prediction of zero job creation this year
  • Osborne – “This time we will fix the roof while the sun is shining”
  • Chancellor – cap overall welfare spending. Have saved £19bn a year. Next year new cap but to exclude state pensions and JSA
  • Cuts exclude HMRC…no comment.
  • Faster rise in Pension age expected shortly, well about 20 years
  • Pension age to rise to 68 in 2030s, and 69 in 2040s – Auto enrollment never seemed so relevent
  • Lots of tax evasion and avoidance being targeted but no extra HMRC budget to enforce it?
  • Tax avoidance, Tax evasion and Fraud could net £9bn
  • Non residents to pay CGT on sale of UK property
  • Commitment to further new housing projects right across the country, plus right and help to buy schemes
  • Some of those tax avoidance and evasion plans sound very ambitious, we’ll get the details soon
  • Big tax break announced for shale gas #AS2013> Good news for the ‘desolate’ northeast!
  • Tougher rules for school leavers who will have to take apprenticeships or training.
  • Expansion for apprenticeship and enterprise allowance schemes
  • More start-up loans being provided to help young people create their own businesses
 
 

Get a full Autumn Statement Report tomorrow morning. Sign up to our ‘Save Tax’ newsletters on this page.

 
 
  • Business provides opportunities. Lowering the burden of tax essential. Tax relief for social enterprises, film tax relief.
  • Business rates relief extended another year and capped at 2% increases
  • Vacant shops to be brought back into use by introduction of business rate reductions
  • £1000 off business rates for small shops
  • Every retail outlet with rates of £50K will get a discount worth £1K – pubs, shops, cafes, small business
  • Personal allowance rise to £10,000, from April 2014 as previously announced
  • April 2015 will see transferable personal allowance between spouse, civil partner for basic rate
  • HMRC will fund apprenticeships directly to small business
  • Next year’s fuel duty rise is cancelled
  • 2% business rate cap officially announced. Good but not good enough. A tax rise is still a tax rise
  • Employer NI contribs to be abolished for those under 21
  • Average rail fares remaining “flat in real terms”

Sign up to our ‘Save Tax’ newsletter on this page to receive a full report on the morning after the Autumn Statement Speech made on 5th December 2013.

 

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