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How Will The Autumn Statement Affects Me?

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How will the Autumn Statement affect me? The Autumn Statement is one of the two economic focused announcements issued that affect any and everyone in the United Kingdom. A key proponent in the plans of the British government, the Autumn Statement will have a direct impact on the way the members of the public live their lives and should never be taken lightly. By the end of 2014 the 32nd official Autumn Statement had been issued, but how did the 32nd annual Autumn Statement affect you? The aftermath of the 2014 Autumn Statement become evident very quickly, as it was undoubtedly a victory for homebuyers. Under the old system stamp duty was collected as a percentage of the final sale value of a property. However, the 2014 Autumn Statement changed …show more content…

When the Conservative party first came into power, Chancellor George Osborne stated that his ultimate goal was to make anyone earning less that £12,500 not pay income tax. It was a tall order to say the very least and history has proved that it may have been too much. That isn’t to say that the Autumn Statement hasn’t changed the face of income tax, because it has. The Chancellor raised the personal allowance to £10,600, with the new conditions set to come into force in April 2015. The 40% income tax threshold was also raised to £42,385. Notoriously savers have had a rough time during previous Autumn Statement’s past. By the end of 2014 the Autumn Statement proved that there had been a changing of the ways. A higher tax limit was introduced for tax-free ISAs, as the total has been raised to £15,240. Changes were made to how an ISA’s tax-free status is handled after someone passes; as it was declared that the tax-free status will remain with the inheriting

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