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28th November 2016

Autumn Statement – Key Points

The Chancellor has presented his Autumn Statement – here’s a summary of some of what was announced

Fuel Duty – will remain frozen for a seventh year.

A new 3 year NS&I Investment Bond available from 2017 – with an indicative rate of 2.2.% interest. Available for 16 years and over, to put away between £100 and £3000.

Personal Allowance – to be raised to £12,500 by 2020 and the higher rate threshold to £50,000.

The National Living wage and National Minimum wage will increase from April 2017 – the National Living wage for 25 years and over will increase to £7.50 per hour. Minimum wage for 21-24 year olds will increase to £7.05 per hour; 18-20 year olds to £5.60 per hour and 16-17 year olds to £4.05 per hour.

Letting agents will no longer be able to charge renters fees, e.g when they sign a new tenancy agreement.

Cutting corporation tax to 17% by 2020

Insurance premium tax will increase by 2% from 1 June 2017 raising it from 10% to 12%

From April 2017, most salary sacrifice schemes will be subject to the same tax as cash income. Pensions, pensions advice, childcare, cycle to work and ultra low emission cars will be exempt. All arrangements in place before April 2017 will be protected for up to a year, and arrangements in place before April 2017 for cards, accommodation and school fees will be protected for up to 4 years.

Other announcements were made regarding cracking down on pensions scams together with cracking down on tax avoiders and those who help them.

There were also promises to invest in infrastructure and innovation to improve long term productivity.

Full details can be found at  https://www.gov.uk/government/topical-events/autumn-statement-2016

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