Corporation tax – The main rate of corporation tax is to fall from 22% to 21% from April 2014 – the lowest rate of any major Western economy. The small profits corporation tax rate, which can be claimed by qualifying companies with profits not exceeding £300,000, remains unchanged at 20%.
Fuel duty – The 3p rise in fuel duty scheduled for this January is cancelled.
Capital expenditure on business assets – there is to be a signi?cant temporary increase in the Annual Investment Allowance, from £25,000 to £250,000 for two years.
Capital gains – The capital gains annual exempt amount will increase by 1 per cent each year for 2014-15 and 2015-16.
Pension contributions – From 2014-15, the Government will reduce the lifetime allowance for pension contributions from £1.5 million to £1.25 million and reduce the annual allowance from £50,000 to £40,000.
Property – There is to be on new ‘wealth tax’ on properties.
Inheritance tax – The inheritance tax nil-rate band has been frozen since 2009 at £325,000, but will increase by 1 per cent in 2015-16.
Tackling tax avoidance – this will include the introduction of the UK’s ?rst General Anti-Abuse Rule, the development of signi?cant new information disclosure and penalty powers targeting the promoters of aggressive tax avoidance schemes, and the closure of loopholes protecting hundreds of millions of pounds; and creating an HM Revenue and Customs (HMRC) unit dedicated to tackling offshore evasion and publishing a comprehensive offshore evasion strategy in the spring.
Full Autumn Statement document here .