Autumn Statement Summary from McPhersons

McPhersons Accountants'Bexhill on Sea'29 May 2014 SUS-150601-092721001
McPhersons Accountants'Bexhill on Sea'29 May 2014 SUS-150601-092721001

Fuel duty

Fuel Duty frozen - and air passenger duty abolished for under 12s from 1st May

Stamp duty for residential properties

No duty is to be paid on a sale price up to £125,000. It’s then 2% on the next £125,000, 5% on the next £675,000, 10% on the next £575,000 and 12% on the remainder of the purchase price.

Personal tax

The tax-free personal allowance will rise to £10,600

The highest rate of tax will apply from £42,385

Business, enterprise and employment

High street retailers business rate discount rising from £1,000 to £1,500 for 1 year from 2015

£45m package will be made available for first time exporters

Business rate relief for businesses in flooded areas

Research - 230% tax relief for SMEs and an 11% relief for large companies

Employer NICs will be abolished for apprentices under 25

Pensions, savings and benefits

‘Death tax’ on certain pension funds is to be abolished so that people can pass on their pension pots tax-free.

£15,000 ISA allowance will rise to £15,240 and will also be tax-free if it is inherited.


£2bn per year for the NHS. This is in addition to a £1.2bn investment that will be made for GPs.

Up to £2,000 NIC employment allowance relief extended to individuals who employ care and support workers

VAT refunds for hospice charities.


Government backed student loan for Postgraduate degree students up to the value of £10,000.