George Osborne revealed his Autumn Statement on Wednesday, pledging to clamp down on multinationals, make the banks pay extra tax and reform stamp duty, cut ting taxes for 98 per cent of home buyers.
Personal Finance Editor Simon Read and Deputy Business Editor Jim Armitage talk through the important points from George Osborne's Autumn Statement, from the smaller picture for people on the ground to the larger macro-economic impact of the new policies.
Key facts from today's speech include:
• Fuel duty will continue to be frozen. Air passenger duty for children under 12 will be abolished from next May and for children under 16 from the following year.
• The Income tax free personal allowance to rise to £10,600, giving wage boost of £825 a year to all workers.
• The higher rate threshold rises from £41,865 to £42,385 next year the first list in line with inflation for 5 years.
• A new 25 per cent ‘Google tax’ on tech companies that make money in the UK but shift their profits to low tax havens abroad.
• Limiting the losses from the financial crisis that banks can ‘write off’ against future tax to 50 per cent raising £4 billion for the Treasury over five years.
• Reform of stamp duty: omeone buying a home for £275,000 will pay £4,500 less in tax. Th move will increase stamp duty for the most expensive houses – someone buying a £5 million house will pay nearly £200,000 more in tax.
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