6th December 2013
Jeffreys Henry: Autumn Statement 2013
Delivering the 2013 Autumn Statement, the Chancellor said the latest forecasts from the Office for Budget Responsibility proved that "Britain's economic plan is working" but warned that the "job is not done."
This email provides a summary of the key announcements made in the 2013 Autumn Statement. A full report can be found on our website. BUSINESSES ANNOUNCEMENTS
- A two per cent cap on next year's increase in business rates was confirmed.
- The doubling of the Small Business Rate Relief, to 100 per cent for qualifying businesses, was also extended by a year until April 2015.
- From 1 April 2014, businesses will be able to pay their rates over 12 months.
- And employer national insurance contributions for employees under the age of 21 will be abolished from April 2015.
PERSONAL FINANCES
- The planned fuel duty increase for September 2014 has been scrapped.
- Train fares will increase in January in line with RPI inflation only - not by the usual RPI plus one per cent.
- And basic rate taxpayers will be able to transfer GBP 1,000 of their personal allowance to a spouse or civil partner from 2015/16.
- A new and innovative social investment tax relief will be introduced to encourage individuals to invest in social organisations including charities, community interest companies and community benefit societies.
- With effect from April 2015 non residents are to be liable to capital gains tax on gains arising from UK residential property.
OTHER ANNOUNCEMENTS
- From September 2014, all schoolchildren in reception, year one and year two - as well as disadvantaged students in sixth form colleges - will be eligible for free school meals.
- And the paper tax disc will be replaced by a new digital system from October 2014.
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Business Development,
Budget
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