Autumn Statement 2016: Personal Tax
November 23, 2016
Philip Hammond delivered his first Autumn Statement today – and his last! Next Autumn will see an Autumn Budget, followed in March 2018 by a Spring Statement. The laudable intention is to give businesses time to prepare for the changes, and to reduce the number of changes in tax legislation. Sticking to his theme, Mr Hammond does not appear to be proposing many significant tax changes this year, with all income tax and corporation tax rates remaining as previously announced.
The personal allowance will be increased from £11,000 to £11,500 in April, with the aim to increase it to £12,500 by the end of the Parliament. There are no changes to the basic rate, higher rate and additional rate of tax, which remain at 20%, 40% and 45% respectively.
No changes to capital gains tax or inheritance tax were announced.