The Chancellor, Philip Hammond, presented his first Autumn Statement on Wednesday 23 November. Whilst it wasn’t the most exciting Statement, there were a number of noteworthy changes and updates.
Our summary concentrates on the tax measures which include:
- the government reaffirming the objectives to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of this Parliament
- reduction of the Money Purchase Annual Allowance
- review of ways to build on research and development tax relief
- tax and National Insurance advantages of salary sacrifice schemes to be removed
- anti-avoidance measures for the VAT Flat Rate Scheme
- autumn Budgets commencing in autumn 2017.
To read the full statement, please click here.