Autumn Statement 2014: The Key Points

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