Chancellor's Autumn Statement 2014 - Some of the major tax highlights
Individuals
The Chancellor announced that there would be a further increase in the personal allowance for individuals for 2015/16, raising the level to £10600.
In addition the basic rate threshold is to be £31785.
Employment allowance
The employment allowance was introduced in April 2014 worth £2000 per employer. This continues and is to be extended for those employed in their own homes, such as nannies, housekeepers or gardeners, who could not previously claim this.
National Insurance
From 6 April 2015 employers will not have to pay national insurance on the salaries of employees aged under 21 for wages up to £815 per week and from 6 April 2016 that exemption for employers will be extended to apprentices under the age of 25.
Employee benefits
Drivers with very low emission cars are to be brought into taxation on the benefit from 6 April 2015. With those with CO2 emission from zero, i.e. electric, to 50 g/km will be subject to tax as a benefit in kind. Tax will be payable on 5% of the vehicles list price or 8% for diesel cars.
There will be additions to the benefits for other vehicles.
ISAs
The limit will be increased for 2015/16 to £15240.
In addition there is to be more favourable treatment for ISAs in relation to inheritance tax.
Social Investment Tax Relief
Social investment Tax Relief (SITR) introduced in April 2014 is to be extended.
There are of course other issues which were announced in the statement.
Further details later.
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