Autumn statement

24 Nov

By PMC Partnership Taxation

Autumn statement

The Autumn statement yesterday was pretty uneventful, confirming lower UK growth due to Brexit.

The main points were the following :

The personal tax allowance will rise to £12,500 and the upper rate tax threshold to £50,000 by the end of the current parliament
The National Living Wage will rise from £7.20 to £7.50 from April 2017
Insurance premium tax will rise from 10% to 12% in June 2017
Employee and Employer NI will be equalised to a £157 per week threshold from April 2017
Corporation tax will be reduced to 17% by 2020
There were NOT the anticipated changes to stamp duty

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