Autumn Statement 2015: Key Tax Announcements
The Chancellor presented his Autumn Statement and Spending Review this afternoon.
The key tax announcements include:
- Proposed Tax Credit changes scrapped: the tax credit taper rate and thresholds to remain unchanged
- New penalties re the General Anti Abuse Rule (GAAR) and Disguised Remuneration
- Digital Tax Accounts for all businesses and individuals by the end of this decade
- Capital Gains Tax on residential properties to be paid within 30 days of sale from 2019
- Further anti-avoidance re Stamp Duty Land Tax, Disguised Remuneration and Capital Allowances
- £800m to be invested in tackling evasion
- Basic State Pension will rise by £3.35 to £119.30 a week in 2016
- Council Tax: Councils will be allowed to add 2% precept to council tax to pay for adult social care
- Business rates: councils to be given power to cut rates
- Welsh Income Tax powers to be devolved without a referendum
- Devolution of Northern Ireland Corporation Tax
- Small Business Rate Relief Scheme extended by another year
- New tax credit for museums to support exhibitions
- Tax free childcare: maximum income cap will be £100k when it launches in 2017
- Sixth form colleges to be allowed to become academies and save VAT
- New apprenticeship levy of 0.5% of payroll, with first £15k of levy exempt
- New help to buy scheme for London homes
- 3% increase to Stamp Duty Land Tax, from April 2016, for buy-to-let and second homes
- Stamp Duty Land Tax to be paid within 14 days (from 2017)
Further details will follow in our comprehensive summary later today.
Please get in touch with your usual haysmacintyre contact or our tax team if you have any queries in the meantime.