Autumn Statement 2013

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Govt confirms plans to close IHT multiple trusts loophole

The Government has confirmed it will close a loophole allowing the use of multiple trusts to avoid inheritance tax charges from 2015. In the Autumn Statement today, the Treasury said the changes will take place alongside simplifications of trusts. In May, HMRC launched a consultation proposing a change to the rules on multiple trusts with […]

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Scrapping ETF stamp duty “insufficient” to lure providers to UK

Firms are divided on whether the Chancellor’s move to axe the 0.5 per cent stamp duty paid by exchange traded funds will see more UK-based ETFs, with concern the may be “insufficient” to lure providers based abroad. Chancellor George Osborne announced in his Autumn Statement last week this tax will now be scrapped from April. The […]

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AS2013: Pensions tax relief cuts raise 30% less than expected

The Treasury is set to raise 30 per cent less than expected from its cuts to pensions tax relief, according to Office for Budget Responsibility analysis. The independent OBR report, accompanying the Autumn Statement and published yesterday, shows the Government is set to raise £1.2bn less in 2013/14 from its 2011 reforms than originally estimated.  […]

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John Lawson: Has the Govt stopped tinkering with pensions?

Changes to pensions tax and withdrawal rules have become something of the norm for Autumn Statements, so it was a surprise that this one contained next to nothing. The headline on pensions was reserved for planned increases to state pension age, which will go up to 68 in the mid-2030s and 69 in the late […]

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AS2013: Govt confirms plans to close IHT multiple trusts loophole

The Government has confirmed it will close a loophole allowing the use of multiple trusts to avoid inheritance tax from 2015. In the Autumn Statement today, the Treasury said the changes will take place alongside simplifications of trusts. In May, HMRC launched a consultation proposing a change to the rules on multiple trusts with regards […]

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AS 2013: George Osborne’s difficult decisions

In case you missed this morning’s Autumn Statement, a summary of George Osborne’s speech can be put as follows: Thanks to the coalition Government, the economy is growing and is in the best shape it has been in for ages, but we’re still cutting spending. The buzz phrase of the speech was “difficult decisions” but […]

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AS2013: Govt increases share scheme contribution limits

The Government has increased the maximum contribution limits for share incentive plans and has doubled the monthly contribution limit for Save As You Earn schemes to £500. In the Autumn Statement, published today, the Government announced changes to the maximum limits up to which employees can contribute to share schemes. These changes will come into […]

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AS2013: Bank levy increase to raise extra £256m

The bank levy will increase in January to raise an extra £256m in 2013-14. The full Autumn Statement notes the Government will also “make changes to the bank levy’s detailed design that have the effect of widening the tax base.” It reads: “This will help to restore forecasts for future years’ receipts to target, and […]

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AS2013: Govt rejects income drawdown changes after Treasury review

The Government  has rejected calls to change income drawdown rules after a Treasury review found they are a “reasonable match” to annuity rates. In its Autumn Statement today, the Treasury said the way income withdrawal rates are formulated will not be changed after it ordered a review in the March Budget. The Association of British […]

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George Osborne’s targets, tests and takeaways

The dial is set – the Long Term Plan vs the Cost of Living challenge. This Autumn Statement has set the scene for Election 2015 – some 18 months before polling day. With the best economic backdrop the Chancellor has had since he took office, he turned his statement into some of the best political […]

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AS2013: Extra £100m from Libor fines to go to army charities

Chancellor George Osborne has allocated a further £100m from Libor fines to military charities and support for those working in the emergency services In his Autumn Statement today, Osborne said: “I want to make a further £100m of Libor fines available to our brilliant military charities and extend support to those who care for the work […]

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AS2013: Govt to cap business rates at 2%

Increases in business rates in England and Wales will be capped at 2 per cent from next April, Chancellor George Osborne has announced. Business rates would have otherwise been linked to RPI inflation. In today’s Autumn Statement, Osborne also said businesses will be allowed to pay their rates in 12 monthly instalments, rather than 10, […]