Autumn Statement 2014

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AS 2014: Osborne warned on spending cuts

Chancellor George Osborne’s deficit reduction policy could result in around one million public sector job losses and take public spending to it lowest level since the 1930s, the BBC reports. Osborne announced in yesterday’s Autumn Statement that the deficit had not closed as fast as the Government had hoped, and is set to be more […]

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AS 2014: Govt in further crackdown on Dotas tax avoidance schemes

The Government has announced a further crackdown on tax avoidance schemes which fall under its Disclosure of Tax Avoidance Schemes regime. In the Autumn Statement today, the Government said it will increase penalties for non-declaration of Dotas schemes and publish more information on schemes and their promoters. It says this will increase transparency and further […]

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AS 2014: Treasury reveals £730m cost of pensions death tax cut

The Treasury is set to lose £50m in 2015/16 and £730m by 2019/20 as result of changes to the pensions “death tax”, Government documents reveal. But an expected increase in transfers from defined benefit to defined contribution schemes will see Treasury coffers grow by £95m next year and a total of £1.15bn in five years’ […]

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AS 2014: Govt set to devolve corporation tax powers for Northern Ireland

The Government is set to devolve corporation tax setting powers to Northern Ireland subject to talks progressing satisfactorily. In today’s Autumn Statement, Chancellor George Osborne said the Treasury believes the power can be devolvd provided Northern Ireland can show “it is able to manage the financial implications”. He said: “We recognise the strongly held arguments […]

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AS 2014: CML to work with Which? on mortgage fee transparency

The Council of Mortgage Lenders is to work with Which? to improve the transparency of mortgage fees. In today’s Autumn Statement, the Government announced it has asked the trade body to work with Which? to make it easier for borrowers to choose the best mortgage deals. The CML says it will work towards a set […]

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AS 2014: Govt drops pensions tax relief for over 75s plan

The Government has dropped plans to extend tax relief to pension contributions made by people over the age of 75, the Autumn Statement reveals. As part of the March Budget, the Government said it would be exploring “with interested parties whether those tax rules that prevent individuals aged 75 and over from claiming tax relief […]

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AS 2014: Isas to be passed on tax-free at death

Isa savings will keep their tax-free status when passed on to a spouse at death, the Government has announced in today’s Autumn Statement. Chancellor George Osborne announced the Government will legislate to allow an additional Isa allowance for spouses or civil partners when an Isa saver dies, equivalent to the amount held in Isa savings […]

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AS 2014: 40p income tax threshold rises to £42,385

The 40 per cent income tax threshold will increase to £42,385 next year, Chancellor George Osborne has announced in today’s Autumn Statement. The higher rate threshold is currently set at £41,865. Osborne said: “That is the first increase in the higher threshold in line with inflation for five years. “This year’s increase means 138,000 fewer […]

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AS 2014: Death tax on joint life annuities scrapped

Widowers will not have to pay income tax when they start taking annuity payments after their partner dies, Chancellor George Osborne has confirmed. Delivering his Autumn Statement, Osborne says: “The 55 per cent death tax currently applies when you pass on an unused pension pot to loved ones will be abolished. People will be able […]

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Osborne eyes long-awaited stamp duty overhaul

Chancellor George Osborne is set to announce reforms to the structure of stamp duty in today’s Autumn Statement as the Conservatives focus their pre-election strategy on homeowners, the Financial Times reports. Ministers are said to be considering abolishing the current “slab” structure, in which the higher tax rate is payable on the whole amount once […]

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Govt to propose devolution of Northern Ireland corporation tax powers

Chancellor George Osborne will back the devolution of corporation tax powers to Northern Ireland in tomorrow’s Autumn Statement, the Financial Times reports. The move would allow the country to compete with the Republic of Ireland’s low tax environment, where the rate of corporation tax is set at 12.5 per cent compared with the UK’s 21 […]

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Osborne: Govt will use £1.1bn forex fines to boost NHS funding

Chancellor George Osborne has promised to use more than £1bn in bank fines to boost funding for the National Health Service and improve “frontline health services.” Speaking on the BBC’s Andrew Marr Show yesterday, Osborne said the £1.1bn in fines levied following the foreign exchange rate-rigging scandal will be allocated to improving GP services and […]