Autumn Statement 2015:
The Chancellor has just sat down from delivering his 2015 Autumn Statement speech. In contrast to previous Autumn Statements, this was more of a spending review than a mini budget so only a few tax matters were mentioned.
Based on the speech, the main tax and savings points referred to were as follows:
- There will be an extra 3% Stamp Duty Land Tax charge on purchases of second homes and buy to let property from April 2016, however corporates will not be affected.
- From April 2017 the new Apprenticeship Levy has been set at 0.5% of an employer’s paybill but with an allowance of £15,000, meaning employer’s with a paybill below £3 million will be unaffected.
- The expected cut to tax credits announced previously has been cancelled.
- The small business rate relief scheme is to be extended for a further year.
- Abuse of Stamp Duty Land Tax, disguised remuneration, capital allowances and corporate intangibles is to be targeted, however details were not included in the speech.
This is very much an overview of what the Chancellor said and more details will be available in the press releases on which we will report in due course. If you do require any further information at this stage please contact our Tax Director Jenny Marks.
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