Autumn Statement 2012

13 December 2012

The Chancellor, George Osborne, delivered his Autumn Statement on 5 December 2012. Our summary concentrates on the key points of this announcement.

Personal Tax
  • For those aged under 65, personal allowance increased to £9,440 for 2013/14
  • 40% rate of income tax threshold to be £41,450
  • 50% rate of income tax to fall to 45% in 2014/15
  • Annual allowance for pensions tax relieved savings to be reduced from £50,000 to £40,000 in 2014/15
  • Standard lifetime allowance for pensions tax relieved savings to be reduced from £1.5 million to £1.25 million in 2014/15
  • From April 2013, overall ISA savings limits to be uprated to £11,520
  • Child benefit to increase by only 1% for 2 years from April 2014
  • Basic state pension to rise 2.5% next year, to £110.15 per week

Businesses

  • Main Corporation Tax rate to be cut from April 2014 by 1% to 21% (from 1 April 2013 rate is 23%)
  • Annual Investment Allowance for capital allowances to rise from £25,000 to £250,000 from 1 January 2013 for 2 years
  • Tax avoidance loopholes to be closed and anti-avoidance to be tackled in order to secure revenues of £22 billion a year
  • New General Anti-Abuse Rule (GAAR) to be introduced
  • On 1 January 2013, agreement with Switzerland to recover unpaid UK tax comes into force with expected yields of £5 billion over the next 6 years

Other Issues for Northern Ireland

  • Extra capital investment to be made in infrastructure
  • Broadband investment in Derry
  • Planned 3p rise in fuel duty from 1 January 2013 abandoned

For a more in-depth summary of the Autumn Statement Click Here .

spread the word

Daly Park Newry Office

6 Trevor Hill Newry Co. Down,
Northern Ireland BT34 1DN
Fax: 028 3025 7335

Get Directions


Contact Daly Park Belfast:

-->