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Autumn Statement 2014: the Headlines

3rd December 2014

The Chancellor delivered his Autumn Statement this afternoon; his last before next year's General Election.

[partner-katharine-arthur]

The headline tax announcements include:

  • £2k Employment Allowance extended to include carers;
  • A further crackdown on tax evasion, tax avoidance and aggressive tax planning;
  • Specific anti-avoidance re share schemes, stamp duty on takeovers and intangibles on incorporation; 
  • IHT exemption extended to cover aid workers who lose their lives working overseas;
  • A new profits diversion tax (25%) for multinationals on UK activities;
  • A 50% increase to the Annual Tax on Enveloped Dwellings;
  • For non-UK domiciled individuals, an increase in the Remittance Basis Charge to £60,000 after 12 years’ residence, and a new £90,000 charge after residence for 17 out of the last 20 years;
  • Extension of theatre tax relief to orchestras;
  • A new children’s animation tax credit;
  • Anti-avoidance measures aimed at umbrella company employers;
  • Increase in R&D tax relief for small businesses to 230%;
  • Abolition of Air Passenger Duty for children;
  • The continued freezing of fuel duty; 
  • A restriction on losses which can be offset against profits by banks;
  • Abolition of 55% tax on pensions on death;
  • Personal Allowance to be £10,600 next year, with the benefit of the increase to be passed onto higher rate taxpayers; and
  • Fundamental reform of Stamp Duty Land Tax: a move to a progressive rather than “slab” tax.

Detailed analysis will follow later this afternoon.

Please contact a member of our tax team or Katharine Arthur, if you have any queries in the meantime.

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