There were no dramas relating to inheritance tax or capital gains tax, but other taxation announcements in today's autumn Statement included:
- The tax-free personal allowance is to raise to £11,500 in April, and the higher rate threshold is to increase to £50,000 during this parliamentary term. This is aimed at “JAMs” (just about managing) who have been feeling the squeeze lately.
- The tax benefits of some salary sacrifice schemes (excluding child care, pension contributions and cycle to work schemes) is to end.
- Corporation Tax to be cut to 17%.
- Rural rates relief increased to 100%, which will help small businesses based in rural areas.