A Summary of the Autumn Statement

The Chancellor delivered his 2013 Autumn budget under a far more positive economic backdrop than for his previous announcements.

Whilst the small print is being analysed they main points are as follows –

• Economic Growth is now projected to be 1.4% for 2013, up from 0.6%

• People currently in their 40’s will now get their state pension at age 68

• People currently in their 30’s will have to wait until 69

• The UK’s underlying budget deficit set to be eradicated by 2017/2018

• The personal income tax allowance will rise to £10,000 from April 2014

• A married couples and civil partners tax break is to start in April 2015 which will enable people to transfer £1,000 of the income tax allowance to their partner

• The planned 2p per litre rise in fuel duty set for next September has been scrapped

• After 93 years the tax disc is being phased out to be replaced by an electronic register

• The amount you can save into an ISA will rise to £11,880 for the tax year 2014/2015 (£5,940 of which can be held in Cash ISA)

• JISA’s and Child Trust Fund limits will both increase to £3,840