Autumn Statement 2015 - Full Summary
The Chancellor delivered his Autumn Statement and Spending Review to Parliament earlier this afternoon, his third such “Budget” speech of 2015. The key popular headlines will unsurprisingly be his U-turn on the proposed changes to tax credits and the safeguarding of the police budget in the light of the current heightened terror threat level.
Continuing themes include additional anti-avoidance measures and increased penalties, further investment to tackle tax evasion, and the devolution of certain tax powers for Wales and Northern Ireland. Further consultation and calls for evidence are to take place on key employment tax issues such as staff accommodation and employment status.
Shorter on detail than recent Budgets, today’s Statement does include some significant new taxes and changes to tax administration and collection. Additional measures are announced in the Chancellor’s efforts to cap the housing market, and increase the tax yield. From April 2016, there will be a 3% increase to Stamp Duty Land Tax (SDLT) for buy-to-let and second homes, and from April 2017, SDLT will have to be paid within 14 rather than the current 30 days. From 2019, Capital Gains Tax (CGT) on the disposal of residential properties will be due for payment within 30 days of sale: far earlier than the 31 January following the tax year of disposal under current rules.
A new apprenticeship levy will be an additional cost to all employers with payrolls in excess of £3million, but it is hoped that a promised review of business rates should offer some relief to businesses and charities.
Please see our summary for further details on all key tax announcements: we expect further details with the publication of the Finance Bill on 9 December.Download this publication