Welcome to our Autumn Statement edition of Tax Tips & News. In this analysis we have mainly concentrated on the tax measures that will directly affect individuals, employers and small businesses. We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary. Please contact us for advice in your own specific circumstances.
Summary
The Autumn Statement traditionally focuses on government spending rather than taxes, but George Osborne used this occasion to announce some tax changes which will take effect in 2014 and 2015. In particular, changes to capital gains tax on sales of homes, and NICs. There is also relief for small businesses in the form of capped or reduced business rates.
The tax law is being changed in some areas of employee benefits and stamp duties where tax cases have shown that the legal position is unclear. Tax avoidance schemes and those who sell them also come in for more scrutiny. HMRC is to be exempt from the 1.1% cap on spending by government departments to give it the flexibility and funding necessary to deal with tax evasion.
This newsletter is based on the documents released on 5th December 2013. It is possible that a different position will be shown by the draft legislation which will be published on 10 December 2013. We will keep you informed of any significant developments.
Pick from the following headings to find out more about each subject area:
Employment
Business Taxes
Individuals
Capital Taxes
Tax Avoidances