2012 Autumn Statement/Finance Bill 2013 at-a-glance

Highlights


Business taxation


Personal tax summary

  • Weathly pension savers targeted with £10k reduction in annual allowance for tax to £40,000 in 2014-15
  • Lifetime allowance for tax relief on pensions savings will be reduced from £1.5m to £1.25m.
  • Personal allowances raised an extra £235 to £9,440 in 2013-14
  • basic rate limit will be set at £32,010
  • Higher rate threshold increases will be capped at 1% in 2014-15 and 2015-16
  • Phasing out of age-related allowances confirmed
  • Child Benefit rates will be frozen in 2013-14 and will increase by just 1% in the two following years.

Finance Bill 2013 announcements (draft clauses published 11 December 2012)


Tax tables and government notices


Commentary and reactions