Autumn Statement 2014: The Key Points

Here are the main points that affect your finances as announced in the Chancellor George Osborne's Autumn Statement.

Taxation

Stamp Duty

A full overhaul of Stamp Duty rates by charging duty only on the portion of the property value that falls within each band, rather than the whole property value.

The new rates are:

0% on property worth up to £125,000
2% of the portion between £125,000 and 250,000
5% up to £925,000
10% up to £1.5m
12% over £1.5 million

Income Tax

Higher rate income tax threshold to rise to £42,385
Tax - free personal allowance to rise to £10,600 rather than the previously announced figure of £10,500

ISAs

People inheriting ISAs from their partner will continue to enjoy the tax-free status

Fuel Duty

Fuel duty remains frozen

Savings

Limit on New ISAs to rise to £15,240
Public service pension reforms will be completed, saving £1.3bn annually

Travel

Air Passenger Duty for under-12s to be abolished from May 2015 and for under-16s from 2016

Education

Government backed student loans of up to £10,000 to be made available for post graduates

Economy

To grow by 3% in 2014, higher than the 2.7% forecast in the budget, for 2015 the forecast is 2.4%
Inflation to hit 1.5% in 2014, 1.2% in 2015 and 1.7% in 2016

Article Contents

Autumn Statement 2014: The Key Points Taxation Savings Travel Education Economy

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Autumn Statement 2014: The Key Points