On 5 December 2013 George Osborne, Chancellor of the Exchequer, gave his Autumn Statement in Parliament. Key announcements included:
- A rise for the Personal Allowance, as was long-anticipated, to £10,000 in 2014/15;
- the higher 40% tax rate threshold also increasing to £41,865;
- A new, transferable, tax allowance of £1,000 for married couples and those in civil partnerships from April 2015;
- For employees aged under 21 employers will not have to pay Class 1 National Insurance (‘NI’) Contributions on earnings up to the Upper Earnings Limit;
- Capital Gains Tax (‘CGT’) for future gains will now also apply to NON-resident individuals from April 2015 (previously this had been applied only to UK resident landlords);
- For 2014/15 the annual ISA subscription limit will increase to £11,880 (of which £5,940 can be in cash);
- There were also announcements relating to the continuing clamp-down on tax avoidance, improvements and plans for UK infrastructure, and the proposed inheritance tax (‘IHT’) simplification for trusts.