Chancellor's Autumn statement: Tax summary

Chancellor George Osborne announced the government view on the UK economy and its future plans in his Autumn Statement today. In particular, there were a number of tax changes outlined, and below is a summary of the main points:

Income Tax

Salary threshold at which income tax becomes payable to be increased to £9,4402014 and 2015 increases to the salary threshold at which 40% rate of income tax applies - increasing to £41,450 in 2014 and £42,285 in 2015

Corporation Tax

Corporation tax to be reduced by 1% to 21% from April 2014No announcement on devolution of powers to vary corporation tax to Northern Ireland government

Inheritance Tax

Threshold of inheritance size at which tax becomes payable to remain frozen at £325,000 until 2014/15, and then increasing by £4,000 in 2015/16, weeks before the next general election

Stamp duty property Tax

No changes to current rates of stamp duty land tax announced

If you live or work in Northern Ireland and require tax advice on a matter of income tax, inheritance tax, capital gains tax, or general tax planning, contact Wilson Nesbitt in Belfast by calling 0800 840 9288.