Guide to The 2016 Autumn Statement
Autumn Statement 2016 key details and summary
Philip Hammond presented his 2016 Autumn Statement on Wednesday 23rd November 2015.
His speech and the supporting documentation set out both tax and economic measures.
Our summary concentrates on the tax measures which include:
- the government reaffirming the objectives to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of this Parliament
- reduction of the Money Purchase Annual Allowance
- review of ways to build on research and development tax relief
- tax and National Insurance advantages of salary sacrifice schemes to be removed
- anti-avoidance measures for the VAT Flat Rate Scheme
- autumn Budgets commencing in autumn 2017.
In addition the Chancellor announced the following pay and welfare measures:
- National Living Wage to rise from £7.20 an hour to £7.50 from April 2017
- Universal Credit taper rate to be cut from 65% to 63% from April 2017.
In the March Budget the government announced various proposals, many of which have been subject to consultation with interested parties. Draft legislation relating to many of these areas will be published on 5 December and some of the details may change as a result.
On the link below we summarise the key details and keep you on top of what you need to know.
We have provided a range of analysis from the Autumn Statement 2016 in the following sectors: Agriculture, Care Home, Charity, Manufacturing, Small Business and Transport & Logistics.
For more information
If you wish to speak to one of our specialist tax team about Autumn Statement 2016 and what the changes may mean for you and your business, please get in touch.
To book your free consultation, please make contact with your nearest office, or alternatively, click here:
We look forward to hearing from you!