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HAMILTON  COOPERS Chartered Accountants  Business Advisers


:: 2014 :: Autumn statement

With the General Election less than six months away, today's Autumn Statement has been one of George Osborne's last big opportunities to pull voters on to his side.

Here is what he announced:


Stamp duty reformed

The Chancellor announced a complete reform of stamp duty.

The new rates will be:


No tax up to £125,000; 2% up to £250,000; 5% up to £925,000; 10% up to £1.5million; 12% on properties over that.


The new rates will reduce stamp duty for 98% of buyers, said the Chancellor and they they will become effective from Midnight tonight - anyone in the middle of buying can choose whether to pay the old or new rates.


Income tax rates

The personal tax free allowance will be raised to £10,600

The higher tax threshold wiill increase to £42,385 next year.


Small business

The Chancellor announced that small business rate relief will be doubled for another year.

Peer-to-peer lending will also be encouraged.

Funding for Lending for small business has been extended by a further year.


Pensions: Abolishing death-tax

People will now be able to pass on pensions when they die tax-free before the age of 75.


Savings

You will now also be able to pass on your ISA tax-free when you die.


Frozen Fuel Duty

George Osborne confirmed that fuel duty will remain frozen.

Air Passenger Duty on children's flights

Air Passenger Duty on children's flights under 12 will be scrapped, which will reduce the cost of long haul flights for families by hundreds of pounds.


NHS

The Chancellor confirmed that the NHS will received a £1.1billion boost provided by bank fines from manipulating foreign exchange transactions.

Libor money will also be used to buy Air amublances.

VAT for hospice charities will also be refunded.


Tax avoidance

Largest companies in the world who avoid tax have been targeted. There will be a 25% tax on profits generated in the UK from multi-national companies.


Post-grad students

Government-backed student loans for young people taking post-grad degrees.


Apprenticeships

More tax breaks available for businesses creating apprenticeships

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