Hallidays Tax Director, Philip Eagle shares his views about the Autumn Statement:
“So there I was pen in hand glued to the radio, ready to make insightful analysis about the Spending Review.
I immediately ran into a problem. Were the facts and figures coming too fast? Was the detail too complicated that I would need time to delve in the complexities of the statement?
No the problem was much worse. There was little to no detail. This was a political review not a fiscal one.
The headlines were there – ‘no’ to tax credits (but actually they will come in under the guise of universal credit) and ‘yes’ to increased policing.
There was an announcement about an increase of stamp duty for buy to let. However as with the rest of this statement the definition of this is unclear. How will this affect people - another cost for the buy to let fraternity?
Hopefully the details will follow, but it may be a long wait. Probably the budget in March.”
For more information please read our overview of the Autumn Statement.
Changes to Flat Rate State Pension
It was announced that the new Flat Rate State Pension will start at £155.65 per week in April 2016. It is estimated that around 1 in 3 people will not qualify for the full amount due to having been contracted out or not having sufficient NI contributions over the years. If you are concerned about these changes, please contact Hallidays Financial Services team who will review your options.
It is now possible to top up state pensions already in payment. By paying a lump sum, pensioners can choose to increase their state pension by between £1 and £25 per week which may be attractive.
If you would like advice to give peace of mind that everything is in place for your financial future. Please contact us on 0161 476 8276 or email firstname.lastname@example.org.