Autumn Statement 2016

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.