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Chancellor’s Autumn Statement 2016

1st December 2016
  • The personal allowance will increase to £11,500 from next April, while the higher rate income tax threshold will increase to £45,000. The government also remains committed to increasing the personal allowance to £12,500 and the higher rate to £50,000.
  • The National Living Wage will rise to £7.50 per hour from £7.20.
  • The pensions triple-lock, which guarantees pensions rise at least 2.5% each year, has been saved, despite hints it might be scrapped.
  • Good news for savers: a new government-backed investment bond will be offered through NS&I, paying 2.2% interest on deposits of up to £3,000.
  • Salary sacrifice schemes, which provide tax efficient ways for employers to support employees, are to be scrapped except for pension contributions and childcare vouchers, and for low-emission car leasing and cycle-to-work schemes.
  • The increase in fuel duty has been postponed for the seventh year in a row.
  • The insurance premium tax will increase from 10% to 12%.
Click here to read the full statement
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