Autumn Statement 2014

In brief: Some of the Key Points from the Autumn Statement – For REAL People

Stamp Duty, a much fairer system – With immediate effect there will be a revision of Stamp Duty creating real savings for ordinary homebuyers. Follow this link to HM Treasuries guide

Personal Allowance – up to £10,600, not much… but better than a poke in the eye with sharp stick!

ISA allowance up – £15,600 and with immediate effect Spouses and Civil Partners will inherit the ISA tax advantages of their deceased Spouse/Partner. In addition, from 6 April 2015 surviving Spouses/Civil partners will inherit the allowance that their Spouse/Partner would have had effectively doubling the survivors annual ISA allowance.

Some good news for Annuity holders – From April 2015 beneficiaries of individuals who die under the age of 75 with joint life or guaranteed term annuities will receive any future payments from such policies tax free. The tax rules will be changed to allow joint annuities to be passed to any beneficiary although in practise I’m not certain how this can happen but lets see how annuity providers respond! 

Happy holidays! From 1 May 2015 children under 12 will be exempt from Air Passenger duty on ECONOMY tickets. This will also apply to those under 16 from 1 March 2016.

Universal credit – Finally a bit of common sense! Individuals leaving universal credit but returning within a six month period will be able to keep their existing assessment period, simplifying the re-claiming period.

You can request a call back from us by completing the form below, if you would like more information about how the Autumn Statement 2014 may affect you.

The above information is based on our initial interpretation of the Autumn Statement 2014 (Cm 8961) as published by HM Treasury. It should not be construed as advice, a legal definition or any other definition or interpretation. We cannot be responsible for any misinterpretation of this document as it is for guidance only.