{"id":864,"date":"2012-12-06T10:18:11","date_gmt":"2012-12-06T10:18:11","guid":{"rendered":"http:\/\/jsrcharteredaccountants.com\/?p=864"},"modified":"2019-02-02T16:49:20","modified_gmt":"2019-02-02T16:49:20","slug":"2012-autumn-statement","status":"publish","type":"post","link":"https:\/\/jsrcharteredaccountants.com\/2012-autumn-statement","title":{"rendered":"2012 Autumn Statement"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>George Osborne delivered his 2012 Autumn Statement yesterday and we have summarised the key points below:<\/p>\n<h2><strong>INDIVIDUALS<\/strong><\/h2>\n<ul>\n<li>The Personal Allowance is to increase from \u00a38,105\u00a0to \u00a39,440 from April 2013 for those aged under 65. This is part of a plan to ultimately increase the Personal Allowance to \u00a310,000.<\/li>\n<li>The band of income tax rate at 20% is being reduced from \u00a334,370 to \u00a332,010 from April 2013<\/li>\n<li>The threshold for 40% income tax is to decrease from \u00a342,475\u00a0to \u00a341,450 in 2013\/14\u00a0but\u00a0will\u00a0increase by 1% in 2014\/15 and 2015\/16 to \u00a341,865 and \u00a342,285<\/li>\n<li>The 50% band currently applies where taxable income exceeds \u00a3150,000 but the rate will fall to 45% next year.<\/li>\n<li>New universal credit for Income Tax is coming into effect next year as previously announces<\/li>\n<li>The Capital Gains Tax annual exemption is to increase by 1% to \u00a311,100<\/li>\n<li>The Inheritance Tax exemption is to increase in 2015\/16 from \u00a3325K to \u00a3329K<\/li>\n<li>No new tax was implemented on property<\/li>\n<li>\u00a0From 2014\/15, pensions lifetime allowance is to reduce from \u00a31.5m to \u00a31.25m and annual allowance from \u00a350K to \u00a340K. This restriction of pensions tax relief is a \u00a31bn tax rise for high earners<\/li>\n<li>The ISA limit extended from April 2013 to \u00a311,520<\/li>\n<li>The Basic State pension is to increase by 2.5% next year\u00a0which is a\u00a0rise to \u00a3110.15 per week<\/li>\n<li>Tougher measures on welfare fraud are announced. Changes to welfare benefits will save \u00a33.7bn in 2015\/16<\/li>\n<li>Child benefit is to increase by 1% for 2 years with effect from April 2014<\/li>\n<\/ul>\n<h2><strong>BUSINESSES<\/strong><\/h2>\n<ul>\n<li>Main rate of Corporation Tax cut by 1% to 21% in April 2014 (was set to be 22%), currently set at 23% for April 2013<\/li>\n<li>Increase in Annual Investment Allowance for capital allowances from \u00a325K to \u00a3250K from 1 January 2013 for 2 years. This is a huge boost for expanding businesses<\/li>\n<li>A number of tax avoidance loopholes are to be closed immediately, and anti avoidance will be further tackled by an increase of 2,500 in the number of tax inspectors<\/li>\n<li>New general Anti Avoidance Rule still be introduced in April 2013<\/li>\n<li>\u00a35bn to be received over 6 years from undisclosed Swiss bank accounts of UK residents<\/li>\n<li>Temporary doubling of small business rate relief was to end 2011 &#8211; already extended to April 2013; now extended further to April 2014<\/li>\n<li>Tax relief for employee shareholder scheme to be introduced<\/li>\n<li>Consultation on new tax incentives for shale gas<\/li>\n<\/ul>\n<h2><strong>OTHER ISSUES<\/strong><\/h2>\n<ul>\n<li>The planned 3p rise in fuel duty from January 2013 is now cancelled.<\/li>\n<li>Extra \u00a35bn capital investment to be made in infrastructure &#8211; Northern Ireland will get its share<\/li>\n<li>Broad band investment in various areas across UK<\/li>\n<li>Extra \u00a3600m for scientific restructure in UK<\/li>\n<li>\u00a3270m to be made available for improvements in further education in UK<\/li>\n<li>\u00a31bm to be made available to expand schools and build 100 new free schools and academies in UK<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; George Osborne delivered his 2012 Autumn Statement yesterday and we have summarised the key points below: INDIVIDUALS The Personal Allowance is to increase from \u00a38,105\u00a0to \u00a39,440 from April 2013 for those aged under 65. This is part of a plan to ultimately increase the Personal Allowance to \u00a310,000. The band of income tax rate &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/jsrcharteredaccountants.com\/2012-autumn-statement\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;2012 Autumn Statement&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[21,35,46,33,18,43,26],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JSR Summary of 2012 Autumn Statement<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jsrcharteredaccountants.com\/2012-autumn-statement\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JSR Summary of 2012 Autumn Statement\" \/>\n<meta property=\"og:description\" content=\"&nbsp; George Osborne delivered his 2012 Autumn Statement yesterday and we have summarised the key points below: INDIVIDUALS The Personal Allowance is to increase from \u00a38,105\u00a0to \u00a39,440 from April 2013 for those aged under 65. 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This is part of a plan to ultimately increase the Personal Allowance to \u00a310,000. The band of income tax rate &hellip; Continue reading \"2012 Autumn Statement\"","og_url":"https:\/\/jsrcharteredaccountants.com\/2012-autumn-statement","og_site_name":"JSR Chartered Accountants","article_published_time":"2012-12-06T10:18:11+00:00","article_modified_time":"2019-02-02T16:49:20+00:00","author":"admin","twitter_misc":{"Written by":"admin","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Organization","@id":"https:\/\/jsrcharteredaccountants.com\/#organization","name":"JSR Chartered Accountants","url":"https:\/\/jsrcharteredaccountants.com\/","sameAs":[],"logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/jsrcharteredaccountants.com\/#\/schema\/logo\/image\/","url":"https:\/\/jsrcharteredaccountants.com\/wp-content\/uploads\/2020\/03\/cropped-JSR-800x800-01.png","contentUrl":"https:\/\/jsrcharteredaccountants.com\/wp-content\/uploads\/2020\/03\/cropped-JSR-800x800-01.png","width":250,"height":250,"caption":"JSR Chartered Accountants"},"image":{"@id":"https:\/\/jsrcharteredaccountants.com\/#\/schema\/logo\/image\/"}},{"@type":"WebSite","@id":"https:\/\/jsrcharteredaccountants.com\/#website","url":"https:\/\/jsrcharteredaccountants.com\/","name":"JSR Chartered Accountants","description":"Chartered Accountants and business advisers. 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