Autumn Statement in detail

1 min Read Published: 05 Dec 2012

Taxation

  • Basic rate of income tax raised by £235 to £9440
  • Higher rate tax threshold to rise by 1% in 2014 and 2015 from £41,450 to £41,865 and then to £42,285
  • Main rate of corporation tax to be cut to 21% from April 2014
  • Inheritance tax threshold to be increased by 1% next year
  • ISA contribution limit to be raised to £11,250 from next April

Benefits and Pensions

  • Working age benefits to rise by 1% in each of the next 3 years
  • Annual pension relief allowance reduced to £40,000 from 2014/15
  • Lifetime pension relief allowance down to £1.25m
  • Maximum amount taken through income drawdown increased from 100%  to 120% of GAD rate
  • Basic state pension up by 2.5% to £110.15 per week
  • Child benefit up by 1% for two years from 2014

Fuel

  • The planned 3p increase to fuel duty cancelled

Jobs

  • Unemployment set to peak at 8.3%

Transport

  • Extra £1bn on road improvements
  • £1bn loan to extend to Northern Line

Education

  • £1bn to improve good schools and build 100 new free schools
  • £270m for further education colleges

Infrastructure

  • £600m for scientific research
  • Ultra-fast broadband expansion in 12 cities

 

  1. Hello Damien,please could You tell me what the increase award was, for SERPS pensioners in ,the Autumn Statement 05-12-2012.
    Thank You,
    I Am Yours Truly,
    John Wakely.

    Hope You Are Well Now.

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