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Autumn Statement 2016

23 November 2016

Autumn Statement 2016

On Wednesday 23 November the Chancellor Philip Hammond presented his first, and last, Autumn Statement along with the Spending Review.

His speech and the supporting documentation set out both tax and economic measures.

Our summary concentrates on the tax measures which include:
%u2022the government reaffirming the objectives to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of this Parliament
%u2022reduction of the Money Purchase Annual Allowance
%u2022review of ways to build on research and development tax relief
%u2022tax and National Insurance advantages of salary sacrifice schemes to be removed
%u2022anti-avoidance measures for the VAT Flat Rate Scheme
%u2022autumn Budgets commencing in autumn 2017.

In addition the Chancellor announced the following pay and welfare measures:
%u2022National Living Wage to rise from £7.20 an hour to £7.50 from April 2017
%u2022Universal Credit taper rate to be cut from 65% to 63% from April 2017.

In the March Budget the government announced various proposals, many of which have been subject to consultation with interested parties. Draft legislation relating to many of these areas will be published on 5 December and some of the details may change as a result.

Our summary also provides a reminder of other key tax developments which are to take place from April 2017.

To read our summary click here


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