Here’s a quick snapshot of the relevant facts and figures in the Chancellor’s Autumn Statement 2012
|
Amount |
Effective Date (Tax Year) |
Note | |
|
Basic Personal Allowance |
£9,440 |
2013/14 |
previously expected to be £9205 |
| Higher Rate Income Tax Threshold |
Increase of 1% pa |
2014/15 and 2015/16 |
From £41,450 in the current tax year to £41,865 in 2014 /15 and £42,285 in 2015/16. |
| Annual CGT Allowance |
£11,100 |
2015/16 |
|
| IHT Threshold |
£329,000 |
2015/16
|
Frozen at £325,000 since 2009 |
| Corporation Tax (Main Rate) |
21% |
2013/14 |
Represents a cut of 1% on the main rate corporation tax |
| Fuel duty increase |
Cancelled |
Jan 2013 |
3p/litre increase was planned January 2013 |
|
ISAs & Pensions
|
|||
| ISA |
£11,520
|
2013/14 |
Consultation to consider allowing AIM stocks to be held in ISA |
| Capped Drawdown |
From 100% of GAD to 120% of GAD |
No Date
|
No actual date in the statement. Analysts assume this to be effective immediately |
| Pensions Annual Allowance |
From £50,000 to £40,000 |
2014/15 |
Currently £50,000 |
| Lifetime Allowance |
From £1.5m to £1.25m |
2014/15 |
New ‘personalised protection regime’ is being considered for those who are already close to or over £1.25m |
Director
Abraham is the founder of FinalytiQ, a research consultancy for platforms, asset managers, and advisory firms. Recognised as one of the country’s leading experts in retirement income, platforms and investment propositions, Abraham has authored several papers on these subjects and delivered talks to the Personal Finance Society, The FCA and several conferences across the country.
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Brilliant.