We set out the key points from the Chancellor’s latest Autumn Statement and Spending Review, together with full detail and analysis in our Autumn Statement document.
- The planned tax credit cuts have been abandoned following wide criticism and rejection by the House of Lords.
- Spending cuts are to continue, however, policing, health, education, international aid and defence budgets will be protected.
- The NHS is to receive a cash injection of £6billion next year.
- Social care “precept” of up to 2% in Council Tax to be used to fund social care.
- Basic state pension to increase to £119.30 per week next year and the full rate for the new state pension for those claiming it from April 2016 will be £155.65.
- A 3% surcharge on stamp duty for buy-to-let and second homes is to be introduced from April 2016.
- In the absence of inflation, the ISA annual allowance is to remain at the current level of £15,240.
- The dates for contribution rate increases under auto-enrolment pension schemes are to be pushed back 6 months to align them with tax years.
For full detail of the budget please download the document below. Should you wish to discuss how any of the announced changes could affect your financial position, please do contact us.