In the 2011 Autumn Statement Chancellor of the Exchequer, George Osborne, updated MPs on the state of the economy and the governments plans for the future. We have produced our own summary of his proposal to help you to better understand its implications on you.
Though widely trailed, the autumn statement contained important key announcements for businesses and individuals struggling to deal with the economic downturn. The main plans covered include:
• State pensions and working age and disability benefits to rise in line with consumer prices index (CPI) inflation of 5.2% from next April.
• An increase in the state pension age to 67, phased in over two years from April 2026.
• A deferral of the planned January 3p fuel price increase to August, with the August increase cancelled.
• A new Seed Enterprise Investment Scheme (SEIS) to be launched from April 2012, with 50% tax relief for investments of up to £100,000 and a capital gains tax (CGT) exemption for reinvestment.
• A freezing of the CGT annual exemption for 2012/13.
• A variety of measures to increase the availability of finance for small and medium-sized enterprises.
• The extension of the small business rate relief for a further six months from 1 October 2012
Want to know more?
To read more about the issues covered in the autumn statement including: the economic background, tax, benefits and tax credits, transport tax and duties, business finance & employment and regulation, and how they may affect you why not download our 2011 Autumn Statement Summary? If there are any issues raised in the document that you feel you need professional advice on please give the team a call on 020 8394 0954.
Highlights from the 2011 Autumn Statement
Watch the highlights from George Osborne’s Autumn Statement 2011:
Find Out Precisely How The Autumn Statement Affects You
If you would like more information on end of year tax planning opportunities centred on your personal circumstances, or the issues raised in the Autumn Reports please contact us.