Posted by Tax Innovations on 15 Dec 2011

Autumn Statement 2011

George Osborne the Chancellor of the Exchequer delivered his Autumn Statement on the 29th of November. Below are those announcements that we feel are most important for our clients for their day to day business and personal affairs.

  • The personal Allowance would rise to £8,105 for those under the age of 65.
  • 40% taxpayers will not receive the benefit of the increased Personal Allowance, as the basic rate tax band will be reduced.
  • The ISA limit for 2012-13 increases to £11,280.
  • The new Seed Enterprise Investment Scheme (SEIS) will commence on 6th April 2012.  Those investing up to £100,000 in qualifying new start up business will receive 50% income tax relief and capital gains made in 2012-13 and reinvested in a SEIS investment will be exempt.
  • The main rate of Corporation Tax will reduce to 23% by 2014.
  • Research and Development spending by large companies will be encouraged, with more announcements to be made in the March Budget.
  • VAT will be payable on low value goods (below £15) sent out from theChannel Islandsfrom April 2012.
  • The basicUKstate pension will rise by £5.30 to £107.45 in April 2012.
  • The state pension age will rise from 66 to 67 in the year 2026.

Contact Tax Innovations

If you want to discuss anything mentioned in the article above or to see how Tax Innovations can help you, contact us.