Phone: 01206 273908
Email: info @ tayloranddavis.co.uk

Autumn Statement 2016

moneyHighlights from the 2016 Autumn Statement. From 2017 there will be a budget update in April with a full budget statement in the Autumn.

  • National living wage will rise from £7.20 up to £7.50 next April
  • They are introducing a new flat-rate VAT scheme rate of 16.5% for businesses with limited costs which is intended to reduce any tax advantage and potential abuse of the flat-rate scheme
  • Fuel duty rise has been cancelled again for the 7th year in a row
  • VAT on insurance will rise from 10% to 12% in June 2017
  • The income tax threshold will go up from £11,000 to £11,500 in April
  • The Higher rate tax threshold will increase to £45,000 and upto £50,000 by the end of the parliament
  • Employee and employer national insurance thresholds will be equalised at £157 per week
  • They are going to introduce a ban on up-front letting feeds in England
  • Change in the universal credit taper rate bringing it down from 65% to 63%
  • A new 3 year bond will be offered to savers next spring with an interest rate of 2.2%, but only for £3,000
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