9 Important Points to Note From The Autumn Statement -

9 Important Points to Note From The Autumn Statement

As you may know, the Chancellor gave his speech in the Autumn budget yesterday. Our Head of Finance, Simon Dickinson has highlighted some of the main points of interest, which may or may not affect you…simon


  • The personal allowance will rise from £11,000 to £11,500 in April 2017.  This means that you will be able to earn £500 more per annum without being taxed, effectively around £100 per annum or £8 per month better off if you are a basic rate tax payer.The aim is to increase this to £12,500 by 2020-2021.
  • The National Living Wage is set to rise in April 2017 to £7.50 per hour from £7.20 for workers aged 25 and above who are not in their first year of an apprenticeship.
  • The higher rate tax bracket will increase in April 2017 from £42,385 to £45,000. The aim is for this to increase to £50,000 by 2020-21.
  • Insurance Premium Tax will rise to 10% from 9.5% and this will increase your insurance premiums for motor, health can house cover. Life insurance is NOT included. (It is likely that this will continue to rise in the coming years).
  • There is going to be a Lifetime ISA available to anyone under 40 by April 2017 (ISA is a tax-free account) whereby the saver can save up to £4,000 per year and the government will increase this by 25%. So for every £4 you save they will increase is by £1. A good way to save up for a house deposit!
  • Fuel duty has been frozen but drivers may see motor expense costs rise due to the insurance premium tax rise above.
  • There is to be a proposed ban on letting agency fees to help people in rented housing. Currently letting agencies can charge the tenant and the landlord fees for administrative work such as reference checks etc whereby the new plan would cease for these to be charged to the tenant.
  • Beer & cider duty to be frozen but duty on wine and other alcohol will rise with inflation. Tobacco duty will rise 2% above inflation.
  • Corporation Tax will reduce to 17% by 2020.


We hope this is of some help or interest to you!

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