X

Contact Kirk Rice

Kindly complete the form below to send an enquiry. Your message will be sent to one of our Accountants or Financial Planners who will respond to you within 24 hours.

X

Request Appointment

Please complete this form to request an initial appointment at our cost.

X

Kirk Rice Blog

Autumn Statement 2016: All Change For The Chancellor (our summary)Written on November 24, 2016 by Kirk Rice LLP

Autumn Statement 2016: All Change For The Chancellor (our summary)

The UK has experienced plenty of political upheaval this year with the EU referendum followed by a change of leadership. The Chancellor, Philip Hammond, delivered his first Autumn Statement on 23 November– which also turned out to be his last. His surprise announcement was that after two Budgets in 2017, from 2018 onwards we will have a Spring Statement and an Autumn Budget.

The Chancellor presented his Autumn Statement against a background of reduced growth forecasts and the ‘urgent’ need to tackle the long-term weaknesses of the UK economy. His declared ambition is to make UK ‘match-fit’ for Brexit.

The emphasis of the Chancellor’s speech was on increased infrastructure spending, a stop on further new welfare savings measures and an acceptance that government borrowing will be significantly higher than previously projected.

Non-tax provisions included a proposed ban – as in Scotland – on letting agents charging fees to renters, a continuing freeze on fuel duty, and a 30p an hour increase in the national living wage from April 2017 to £7.50.

On the tax front Mr Hammond announced the removal of tax and NIC advantages from salary sacrifice schemes (excluding pension contributions) and confirmation of the government’s commitment to reducing Corporation Tax to 17% by 2020. In a statement with little pensions news the Chancellor snuck in a reduction in the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 from April 2017.

In a speech that ranged from welfare change to Insurance Premium Tax by way of saving Wentworth Woodhouse for the nation, (an historic stately home said to be the inspiration for Jane Austen’s Pemberley), Mr Hammond mixed in the serious challenges with some quirky touches. Perhaps he has started as he means to go on.

Download our 2016 Autumn Statement Summary

 Listen to the Podcast

Should you wish to discuss how this might affect you, please call Graham Jennings in our Ascot office on 01344 875000 or Hadley Baldock in our Putney office on 020 8789 8588 or email info@kirkrice.co.uk.

Please note: answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made. The information is based on current tax legislation which may change in future.

Comments