George Osborne's Autumn Statement: Five things you need to know

The Chancellor will deliver the Autumn Statement on 25 November, and the main thrust is likely to be on more squeezes

Simon Read
Friday 20 November 2015 16:58 EST
Comments
It is rumoured the Chancellor may look to reduce the higher rate of stamp duty land tax
It is rumoured the Chancellor may look to reduce the higher rate of stamp duty land tax (Getty Images)

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

When is it?

Next Wednesday, 25 November, George Osborne will deliver his latest Autumn Statement.

What will the Chancellor say?

Good question. Don't hold your breath expecting any good news. There's no need for the Government to include any vote-winning policies now, so the main thrust is likely to be on more squeezes, with perhaps a little more tax help for Tory chums in big businesses and wealthy overseas-based London landowners.

Anything in particular expected?

It is rumoured the Chancellor may look to reduce the higher rate of stamp duty land tax to ease the burden on those at the top of the property chain – in short, well-heeled traditional Tory voters. He is also expected to reveal cash-raising plans to privatise the Land Registry. That would be likely to bring in more than £1bn for the Treasury but it "would be a disaster", according to one property lawyer.

So no good news?

There have been calls for a change in pension tax incentives to encourage more middle and lower-income earners to stash money in their retirement pots. Currently, basic-rate taxpayers get 20 per cent tax relief and higher- rate payers 40 per cent. There has been talk of a flat 30 per cent relief ,which would encourage many more to put money into their pension. But Neil Lovatt of Scottish Friendly wants a contribution scheme "that limits the government to matching pension contributions up to a defined monthly limit".

However, all could be disappointed as the Treasury recently said it intends to delay any decision on pension tax incentives until at least next year's Budget.

What about increasing the Isa limit?

It could happen, reckons Iain McCluskey, the tax director at accountancy firm PwC. He said: "The current Isa limit is £15,240, and while not everyone will utilise the full allowance in a typical year, any increase in the Isa limit could give additional relief and will be relatively cheap as a policy."

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in