| Autumn Statement 2014 |
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George Osborne delivered his Autumn statement on Wednesday 3rd December. The wider implications of some of the measures announced will become clearer in the coming weeks and months. In the meantime we summarise the main proposals that may affect you. TAX RATES AND ALLOWANCES The standard personal allowance will be increased to £10,600 for 2015/16. The increase is accompanied by a slight reduction in the basic rate band and anyone with total income in excess of £42,385 will be a higher rate taxpayer. Allowances will continue to be withdrawn for those whose total income exceeds £100,000. As previously announced, the capital gains tax annual exemption will increase to £11,100 for 2015/16. Click here to read the full report (PDF) |