2014 Autumn Statement – the key points

2014 Autumn Statement – the key points

  1.  Stamp Duty overhauled with no duty on properties worth up to £125,000 then a 2% rate on the portion up to £250,000. A top rate of 12% introduced on properties worth more than £1.5m as part of the Coalition’s answer to The Mansion Tax.
  2. Tax-free personal allowance increased to £10,600.
  3. Higher rate income tax threshold increased to £42,385.
  4. ISAs can now be inherited tax free.
  5. ISA limit increased to £15,240.
  6. Those who die under the age of 75 are now fee to pass on their annuities tax free
  7. Steps taken to prevent multi-national firms shifting profits abroad and avoiding Corporation Tax.
  8. Major plans announced for investment in the regions and devolution of tax powers to Wales and Northern Ireland.
  9. The economy to grow 3% in 2014, higher than the forecasted 2.7%.
  10. Forecast growth of 2.4% in 2015, 2.2% in 2016, 2.4% in 2017 and 2.3% in 2018/19.