82 posts categorised "Autumn Statement"

03 December 2014

Autumn Statement 2014: Good news for businesses and families on environmental taxes

By Jayne A Harrold, Midlands indirect tax senior manager Lots of good news for businesses and families on the environmental tax front today as costs are reduced in a number of areas, but it remains to be seen what environmental impact these reductions may have. Carbon price floor: CHPs excluded...

Autumn Statement 2014: PwC comments on impact on construction sector

Commenting on the infrastructure announcements contained within the Autumn Statement, Chris Temple, engineering and construction leader at PwC, said: “Given the slower growth currently experienced in infrastructure, the Autumn Statement provides further clarity on the medium-term opportunities. There’s a lack of significant projects in the short to medium term and...

Autumn Statement 2014: Jonathan Haigh comments on impact of stamp duty changes

Residential impact Commenting on the overhaul of the stamp duty rates in the Chancellor's Autumn Statement, Jonathan Haigh, real estate expert at PwC in the Midlands, said: “People buying an average home will have more money to spend if they complete on their purchase tomorrow. On a £300,000 house- the...

Autumn Statement 2014: Karl Harriman comments on changes to personal tax and anti-avoidance measures

Personal tax changes Karl Harriman, tax partner at PwC in the Midlands, said: "The Chancellor continued his theme of raising the income tax personal allowance above the rate of inflation, with a further increase announced to £10,600. This rise is almost 5% above the rate of inflation, and means that...

Autumn Statement 2014: Chris Romans comments on measures for small businesses and entrepreneurs

In response to the Chancellor’s announcements on support for small and medium sized businesses, Chris Romans, tax partner and head of private business at PwC in the Midlands, commented: "Small and medium businesses, the majority of which are outside London, might be excused for feeling like the Cinderella part of...

Autumn Statement 2014: PwC chief economist comments on public finances

John Hawksworth, PwC’s chief economist, said: “This balancing act is based on a small net fiscal tightening in the Autumn Statement, which re-emphasises that austerity still has at least four more years to run to eliminate the budget deficit. We are in for another Parliament of pain, but there could...

Autumn Statement 2014: Angela Browning comments on the UK R&D implications

Commenting on the implications for UK research and development(R&D) in the Chancellor's Autumn Statement, Angela Browning, who leads PwC's Tax innovation incentives group in the Midlands, specialising in research and development, said: "We welcome changes to increase the R&D incentives for both large companies and SMEs with the R&D Expenditure...

Autumn Statement 2014: Leon Mayfield comments on the introduction of student loans for post graduate students

Education expert at PwC in the Midlands, Leon Mayfield, said: “We really welcome the Chancellor's move to offer a student loan for postgraduate degrees. The HE Commission reported on this issue in Autumn 2012 and recommended that the Government needed to find a way to help people to take their...

Autumn Statement 2014: Steve Blackmore comments on new state pension amount

The Government has announced that the new state pension will be at least £151.25 per week, with the actual amount to be confirmed this time next year. Steve Blackmore, pensions expert at PwC in the Midlands, said: "While it's interesting to know the minimum level of the new single tier...

Autumn Statement 2014: Simon Tivey comments on how Business Rate changes will make shopkeepers happy

Responding to the Chancellor's announcement on Business Rates today, Simon Tivey, partner at PwC in the Midlands, said: "The Autumn Statement has provided further support for SME's following on from the raft of measures announced last year. "As predicted, the annual inflationary increase will again be pegged at 2% for...

Autumn Statement 2014: Steve Blackmore comments on changes to joint-life annuities

Commenting on the tax changes to joint-life annuities when they are passed on to a spouse after death, Steve Blackmore, pensions expert at PwC in the Midlands, said: "The abolition of the death tax on joint-life annuities will boost the attractiveness of annuities and level the playing field with income...

In advance of the Autumn Statement, Simon Tivey, partner and business rates specialist at PwC in the Midlands, predicted:

"The extension of the Small Business Rate Relief scheme has to be a must. It would be very difficult to reverse having been running in its present form since Oct 2010. "360,000 properties under £6000 Rateable Value pay nothing, and a further 180,000 properties under £12,000 get relief. Cost of...

01 December 2014

Autumn Statement 2014 predictions: Environmental taxes

The Chancellor has tweaked or made wholesale changes to the carbon price floor in every Autumn Statement since it was announced. Further changes to this tax on burning fossil fuels would not be surprising, given its impact on the power industry and energy intensive manufacturers. Jayne Harrold, environmental tax specialist...

Autumn Statement 2014 prediction: Business rates

The Government's response to consultations on its review of business rates is expected soon. We could hear some pointers on what structural changes to the rating system are being considered. There’s a chance small businesses could be removed from the rating system, which would deliver significant savings to HMRC resources....

Autumn Statement 2014 predictions: Corporate

Much is likely to be said on tackling tax avoidance, with the Chancellor positioning the UK at the forefront of the international tax reforms. He’s likely to launch a consultation to implement the OECD’s proposals on hybrid mismatches - where the difference between the tax rules between two countries can...

28 November 2014

Autumn Statement 2014 predictions: Personal

Proposals to restrict the personal allowance for non-residents have also been under consultation and we should hear the outcome soon. The Treasury points out that a growing number of countries limit their equivalent of the personal allowance for non-residents. Stuart Wallace, head of tax of PwC in the Midlands, said:...

Autumn Statement 2014 predictions: Property

We are awaiting news on whether people with more than one home will still be able to nominate which property should qualify for principal private residence (PPR) relief. The relief exempts the main residence from Capital Gains Tax when it’s sold. This is part of a wider consultation about ensuring...

PwC in the Midlands predicts limited surprises in this year’s Autumn Statement

Ahead of the Chancellor’s annual Autumn Statement on Wednesday 3 December, Stuart Wallace, head of tax at PwC in the Midlands, said: “The Autumn Statement is a statement of intent. Any announcements will need to have been agreed across the Coalition, so this close to the Election the scope for...

21 November 2014

Have your say: Autumn Statement 2014

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UK slips two places down league table of effective tax systems

The UK cannot afford to stand still on tax competitiveness, the latest PwC, World Bank and IFC Paying Taxes study shows. After two years of ascent, the UK has dropped two places to 16th on the annual benchmark of business tax systems, which measures the tax costs and compliance burden...