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Autumn Statement 2013

moneyHighlights 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 
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