Autumn Statement Round Up

Posted by Jason Chapman in Taxation category on 06 Dec 13


Autumn

  • ISA limit will increase in line with inflation by £360 to £11,880
  • Junior ISA limit will increase by £120 to £3,840
  • Capital Gains Tax annual exmption amount will rise by £100 to £11,000 in 2014/15
  • Inheritance Tax nil rate band frozen at £325,00 until at least April 2018
  • No changes to Stamp Duty
  • Intention to increase the State Pension Age
  • Corporation Tax to fall to 21% from April 2014
Biggest disappointment

The Chancellor made no comment on the Summer 2013 consultation on allowing Child Trust Funds (CTFs) to be merged with Junior ISAs (JISAs). Willis Owen and it's customers support any change that simplifies the process and allows consumers more choice with a potential better product has to be good.

Biggest concern

The Treasury has confirmed that in the summer it did investigate placing a cap on ISAs. The fact that nothing emerged in the Autumn Statement is no guarantee that the idea has gone away. It may just be waiting for an appropriate post-election Budget. As things stand, though, ISAs remain a tax-attractive investment and should be a serious first consideration (up to the investment limit, of course) for those with available funds to invest. 

To read our Autumn Statement full round up, simply open attached document.

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