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Blog Key Announcements from The Autumn Statement 2014

Key Announcements from The Autumn Statement 2014

3 December 2014

Earlier today, the ChancelloAutumn Statementr delivered his 2014 Autumn Statement in the House of Commons.

Here are the key announcements from the autumn statement 2014 as we saw them :-

1. Personal Allowances

Increase to £10,500 which has already been announced however this has been revised and an increase to £10,600 is due from April 2015.

2. Personal Higher Rate Threshold

Increase from £41,865 to £42,385 from April 2015.

3. Employers National Insurance

Exemption for apprentices aged 25 and under.

4. Pension Funds

The 55% tax rate on pension funds charged on death is abolished.

5. Research and Development

Relief to be increased to 230%.

6. Business Rates

Small Business Rate Relief has been extended for another year and increased to £1,500 from £1,000 with a full review to take place.

7. Stamp Duty

To be reduced from midnight tonight (However, there is an increase for properties over £2m).

This is not a full and detailed analysis of the Autumn Statement and as with most Government announcements, the “devil is in the detail”, so within the next 24 hours we will be producing our full Autumn Statement Summary which will be available for you to download.