In the 2014 UK Autumn Statement delivered on 3 December 2014, the Chancellor announced the following;
• Personal Tax Free Allowance raised to £10,600 from April 2015
• High rate tax band raised to £42,385
• No changes to Income Tax Rates from the 2014/15 rates
• Major Stamp Duty reform applicable from 4 December 2014 introducing marginal tax rates
• A new “Diverted Profits Tax” for multinationals equal to 25% of UK profits shifted abroad
• An increase in the Non Domicile remittance basis charge for individuals who have been resident for at least 12 out of the last 14 years from £50,000 to £60,000
• A new remittance basis charge for individuals that have been resident in the UK for at least 17 out of the last 20 years of £90,000
• The Government will allow gains that are eligible for Entrepeneurs Relief and deferred into investment under the Enterprise Investment Scheme or Social Investment Tax Relief to benefit from Entrepreneurs Relief when the gain is realised
• A new tax relief for children’s television programmes from April 2015
For detailed information and advice on how these measures may affect you, please speak to your usual Beavis Morgan partner.
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