Autumn Statement 2014

Some of the key points for money savers from the Autumn Statement:

Savings 

The NISA limit is to be increased and if someone dies, the savings can be transferred tax free to a spouse. 

This also applies to pension savings. 

The ISA limit is up to £15,240. 

Housing 

Stamp duty is set to be completely reformed in order to stop some of the problems associated with this unpopular tax. Rates are as follows

  • No tax on the first £125,000 paid
  • 2% on the portion up to £250,000
  • 5% up to £925,000
  • 10% up to £1.5 million
  • 12% on everything above that

98% of homeowners should see a reduction yet the most expensive houses will fall under a 12% rate. Stamp duty changes from midnight tonight - an average £4,500 saving.

Wages and tax 

It was announced that the tax-free personal allowance will rise from £10,000 to £10,600 which should help those on low incomes. The Treasury claims that this is a wage boost for working people of £825 a year.

National insurance will also be abolished for young adults doing apprentiships. 

Travel and Transport 

Major emphasis was placed on improving road infrastucture, also rail and particularly in the north of England.

Fuel duty has been cut and frozen, which should mean a reduction in prices at the petrol pumps.

Air passenger duty for children under 12 will be abolished and in 2016 will be scrapped for all under 16s. 

Students

Graduates looking to undertake further study will now be able to apply for a student loan up to £10,000. 

Shoppers

Business rate relief is to be doubled for another year, with rates capped at 2%. The structure of business rates will be reviewed and an increase was announced in rate discounts to help high street shops, pubs and other small businesses across the UK.

Last updated: Wednesday, 3 December 2014

 
 
 
 
 
 

PIGGY POST

Join 100,000s of SAVVY SAVERS who read our WEEKLY email. Get our round up of ALL the best money saving SECRETS, FREEBIES and BIGGEST SAVERS. Don't miss out!