Yesterday the Chancellor, George Osborne, gave his last Autumn Statement before the 2015 General Election. The back drop to the Autumn Statement 2014 was not the same rosy picture that existed in March when George Osborne delivered his Budget, no this statement was given in full knowledge of an economic slowdown in much of the rest of the world.
We have also seen in the press this week how taxes collected have been lower than anticipated and therefore Government borrowing will have to increase. In spite of this the Chancellor was still able to offer a few positives:
- Changes to the Stamp Duty Land Tax, making stamp duty costs lower for much of the housing market (unless you live in a house in London)
- A freeze on Fuel Duty
- Personal Allowances to increase from 6 April 2015 from £10,000 to £10,600
- Higher Rate tax will not kick in until you earn over £42,385 per year from 6 April 2015 (currently £41,865)
- National Insurance to be abolished on young apprentices
For our full Autumn Statement 2014 overview please click here.