Ahead of this week’s Autumn Statement what has the Chancellor in store?
Chancellor George Osborne will stand up at 11:15 this Thursday and deliver the now paradoxically named Autumn Statement. Following Mr Osborne’s speech, draft Finance Bill 2014 clauses will be published on 10th December.
Many commentators are anticipating the Autumn Statement to be a non-event and that the Chancellor will tread cautiously during a mini housing boom which he hopes will lift economic morale into 2015 when the next general election is set to take place.
Some predictions ahead of 5th December include:
- An eventual increase in the personal allowance to £12,500. This goal will be partly achieved if there is an announcement of a rise in the allowance to £10,500.
- Abolish the reduction of the personal allowance for those earning in excess of £100,000.
- More tax avoidance measures to include an extension of HMRC’s powers.
- Naming and shaming of promoters of high risk tax avoidance schemes.
- Advance payments of disputed taxes involving tax avoidance schemes with monies being refunded in the event that the courts declare a scheme valid.
- Alignment of tax and NIC.
- Simplification of the employee benefits system.
- Extension of the temporary reporting of PAYE Real Time Information.
- Extension of the 100% tax relief for capital expenditure of up to £250,000 beyond 31st December 2014, when is scheduled to end.
- Increased tax incentives for employee shareholdings.
- Removal of Stamp Duty Land Tax for the acquisition of properties costing less than £500,000.
- Introduction of non-resident Capital Gains Tax for sale of UK property by non-residents.
It may not be worth tuning in to your TV or radio for an hour this Thursday!
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