Highlights from the Autumn pre-budget report

• The Government again confirmed that it will increase personal income tax allowance to £10,000 for 2014-2015
• However, the entry point for higher rate income tax (40%) has again been lowered down to £31,865. This is to negate any benefit from increased personal allowances for higher rate tax payers and moves even more people into higher rate tax
• The Government also intends to introduce transferable tax allowance for maried couple and civil partners. In 2015-2016, upto £1,000 could be transferred to the other partner, potetially saviing upto £200 per year
• National insurance contributions will be abolished for all employees under 21 years of age, earning less than £42,285
• From April 2015 there will be a new capital gains tax for UK non-residents when disposing of UK residential property
• From April 2014, the exemption period for capital gains tax relief for private residences will be reduced from 36 to 18 months, one of the Governments latest anti-avoidance rules
• Fuel duty increases have been cancelled until May 2015
• Pension ages have been changed. If you are in your forties then you'll wait until 69 before you'll be able to draw a state pension
• And we have to say goodbye to the car tax disc