Autumn Statement 2014 - What are we expecting?

Autumn Statement 2014 - What are we expecting?

As we approach the last Autumn Statement of this Parliament it will be interesting to see what measures the Chancellor will announce in the run up to May’s General Election. 

What do we expect?

We are anticipating significant changes in the following areas:

• Changes to the Venture Capital Trust and Enterprise Investment Scheme rules;
• More details in respect of the taxation of discretionary trusts and reform in this area of tax;
• Revisions to the rules regarding personal allowances for non-UK residents, as well as changes to the Principal Private Residence (PPR) Relief rules;
• Changes to National Insurance Contributions to take into account the new single tier state pension from 2016.

Press reports

As ever in the run up to an election, the media are scrutinising each assertion and speech delivered by members of all parties to review the effects these will have on the Chancellor’s Autumn Statement.

Areas of tax already highlighted by the media, who are anticipating major changes before the election include:

• The continued rise of business rates;
• Tax cuts for exporters of goods;
• ‘Mansion Tax’ for those owning high value homes;
• The increase of the Inheritance Tax (IHT) nil rate band from £325,000 to £1m;
• More anti-avoidance measures for technology companies;
• HMRC powers to be extended to be able to collect unpaid taxes from ISA’s.

The team at Jackson Stephen will be closely monitoring developments and will be reporting on all measures announced on 3rd December.  We urge you to look out for our Autumn Statement publications, which will confirm whether our predictions are correct, or may prove to be completely different to what we have all been expecting.

If you would like more information or would like to discuss your tax affairs in general, please contact our Tax Partner, Chris Barrington on the details below:

Chris Barrington
telephone: 01942 292505