Autumn Statement 2014: The big stamp duty shake-up December 3, 2014 Stamp duty will be cut for millions of house buyers but hiked on the most expensive properties as part of a radical shake-up of the system announced by George Osborne. The chancellor claimed some 98 per cent of buyers will see a cut in their stamp duty bill as a result of the move, seen [...]
Autumn Statement 2014: Isa reforms bring welcome tax relief for savers December 3, 2014 Britain’s thrifty received a welcome boost yesterday after new a number of reforms were applied to the country’s Individual Savings Accounts (ISA) and pensions policies. In the Autumn statement, George Osborne announced that from 2015 the ISA allowance will rise to £15,240, and the changes to the starting rate of savings tax will mean that [...]
Autumn Statement 2014: Extra charges for non-doms to keep tax privileges December 3, 2014 Wealthy UK residents who are not domiciled in the country will be forced to pay higher charges if they want to keep their tax privileges, the government announced yesterday. Non-doms can choose to be taxed on a “remittance basis”, which means that they are only takes on overseas income and gains that they bring to [...]
Coalition raises pay thresholds December 3, 2014 THE UK’s tax-free personal allowance will be raised to £10,600 next year and the higher rate threshold will rise from £41,865 this year to £42,385 next year, it emerged yesterday. Announcing the changes, chancellor George Osborne said the personal allowance increase was the first step towards his goal raising it to £12,500 so that “people [...]
Triumph for Trumpets as orchestras to benefit from theatre ruling December 3, 2014 YESTERDAY’S statement was music to the ears of the UK’s orchestras. The Theatre Tax Relief, which came into effect on 1 September, in a bid to boost the live performing arts economy, was extended to orchestras as part of the Autumn Statement.
Retailers cheer at review into business rates December 3, 2014 RETAILERS welcomed plans for a full review of the UK’s 400 year-old business rates system, seen by the industry as one of the biggest threats to the future of businesses on the high street. Businesses have long called for a reform of rates, which are charged on commercial properties including shops and calculated according to [...]
Productivity puzzle troubles UK forecasters December 3, 2014 THE GOVERNMENT’S fiscal watchdog yesterday expressed a great degree of uncertainty in its economic forecasts. “The key judgement underpinning our [growth] forecast is about the return of sustained productivity growth,” the Office for Budget Responsibility (OBR) said in its Economic and Fiscal outlook. Productivity is the amount of output produced by a worker in a single hour. [...]
We don’t agree with the Tories on everything, Cable warns December 3, 2014 LIBERAL Democrat business secretary Vince Cable warned yesterday that his party does not agree with its coalition partner on how to cut the deficit in the next parliament. In the wake of the Autumn Statement, which saw chancellor George Osborne announce a sweeping overhaul of stamp duty tax, Cable called on the Office for Budget Responsibility [...]
North can keep shale tax receipts December 3, 2014 COMMUNITIES in the north of England will hold on to tax receipts generated by shale gas exploration in their region, the chancellor announced yesterday. George Osborne announced a long-term investment fund for regions affected by shale work as part of his plans for a northern powerhouse, to ensure “the shale gas resources of the north [...]
Autumn Statement 2014: Northern Ireland to control own corporation tax if talks go well December 3, 2014 Northern Ireland will be permitted to set its own corporation tax rate as long as the nation proves it can manage the financial implications of the change, the chancellor announced yesterday. Following weeks of intense talks, George Osborne signalled that if talks go well, Northern Ireland will be free to cut its corporation tax level [...]