Autumn Statement 2016 Summary


Autumn Statement 2016 Summary

Today Mr Hammond announced that 2016 would be the last Autumn Statement and from here on they would move to one annual budget.

We have summarised the Autumn Statement 2016 Summary, detailing the main points affecting businesses. We have already published the full details through our twitter feed.

Savers

Annual ISA allowance to increase to £20,000 in April 2017.

A new market saving account from NSI to be launched in 2017

Tax Payers

Chancellor confirmed his commitment to raise tax free personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of Parliament term. Rates for 2017 will be £11,500 personal allowance and £33,500 basic rate band.

Commitment to the planned corporation tax rate reduction to 17%.

National Insurance Threshold for employees and employers to be aligned at £157 per week.

national Living wage to rise to £7.50 per hour from April 2017.

Other Matters

Tax avoidance schemes will continue to be tackled with the introduction of stronger sanctions and deterrents.

Employee tax perks are also to be tightened but this will not affect child care, cycle to work and ultra low emission cars.

Insurance premium tax to rise to 12%.

No change in Stamp duty.

If you need further information on the Autumn Statement 2016 Summary, please contact the office on 01942 322767 or contact through the website

 

Karen Richardson

Director of Standish Chorley and Wigan based accountants McGinty Demack

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