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Some interesting announcements from today’s autumn statement

No new tax on homes.  A victory for the Chancellor on this point! There is no news yet on the proposed annual charge on high value residential properties in ‘envelopes’ and  we are waiting to see what is in the detail next week.  I am leading many enquires on this matter.

Have you got a Swiss bank account? If so, do HMRC know about it? If not, well, time is running out. The government expects to receive £6bn over the next 5 years from previously undisclosed Swiss accounts. It will not be possible to hide any longer and anyone with a Swiss account should take some action as soon as possible. Read our website for further guidance  and I can also help you with this, do get in touch.

There are some reliefs cut: Pension relief on contributions will be capped at £40,000 per year but there will be some time first to top up your pension if it overall makes sense.

Some allowances are going up. The Inheritance tax threshold goes up by a very modest 1% from April 2015 and the personal allowance increases to £9,440 from next April.  There is good news for companies as the rate of corporation tax will be 21% from April 2014.

Osborne said he was looking to close a lot of further tax loopholes. We don’t know yet what they are. Aggressive tax planning is already under attack and I expect there may be some curtailment of much less aggressive avoidance to come, but let’s wait until the 11th December.
 

 

 

Date: 5th December, 2012
Author: Liz Cuthbertson

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