The Chancellor announced on 23 November 2016 his autumn statement. Some of the key points for Credit Unions to be aware of included:
- Another increase for insurance premium tax which will rise from 10% to 12% next June.
- Corporation tax will be cut to 17% by 2020.
- Changes to salary sacrifice schemes. Click here for more details.
- Expectations for the economy are worse than the expectations announced at the previous Budget with growth forecast to be less and government borrowing higher.
- From April 2017, the national insurance thresholds for both employers and employees will be aligned at £157 a week.
Future Autumn Statements
The Government plan for this to be the last autumn statement. From next year it will be replaced with an Autumn Budget. The traditional spring Budget will then be replaced with a spring statement from 2018. For a more detailed analysis of the autumn statement please see our main Alexander Sloan website at www.alexandersloan.co.uk. Please see our tax page for further information on tax issues.