Autumn Statement 2015: Measures to “rebuild Britain”

The first Autumn Statement and Spending Review under the new parliament was delivered by the Chancellor George Osborne on Wednesday 25 November 2015. The latest figures from the Office for Budget Responsibility show a positive outlook with the economy predicted to grow by 2.4 percent in 2015. Public sector borrowing is forecast to fall until there is a budget surplus in 2019/20. However, the Chancellor warned of challenges at home and abroad, with the weakness of the Eurozone remaining a persistent problem. READ THE FULL AUTUMN STATEMENT 2015 REPORT BUSINESS ANNOUNCEMENTS The small business rate relief scheme will be extended for another 12 months. Businesses will have their own digital tax account by the end of the decade. An apprenticeship levy of 0.5 percent of an employer’s wage bill will be introduced in April 2017. The government has committed an extra GBP800 million to combat tax evasion. The diesel supplement on company cars will not be abolished until 2021. READ OUR SUMMARY OF BUSINESS ANNOUNCEMENTS PERSONAL ANNOUNCEMENTS Contrary to original plans, the tax credit taper rate and thresholds remain unchanged. The basic state pension will rise to GBP119.30 per week and the single tier state pension will be GBP155.65 a week from April 2016. Stamp duty will be 3 percentage points higher on the purchase of buy-to-let properties and second homes. Capital gains tax will be due 30 days after the disposal of any residential property liable to capital gains tax from April 2019. READ OUR SUMMARY OF PERSONAL ANNOUNCEMENTS OTHER ANNOUNCEMENTS Legislation will be scheduled to allow the devolution of income tax in Wales to be introduced without a referendum. Part-time students will receive maintenance loans from April 2018, while tuition fee loans will be available for those studying in higher education. Parents of children aged 3-4 will be able to get 30 hours of free childcare a week from 2017, if they work over 16 hours a week. READ OUR ROUND-UP OF OTHER ANNOUNCEMENTS