Autumn Statement 2014: Your at a glance guide

Share this article
Have your say

Check out the YEP’s at-a-glance guide to today’s Autumn Statement and how it will affect YOU.

* Limit on saving in New ISAs to rise to £15,240 and ISAs to be inherited tax free.

* Hospice charities, search and rescue and air ambulance to be granted VAT refunds.

* Inheritance tax exemption extended to cover aid workers who die dealing with humanitarian emergencies.

* End of military operations in Afghanistan to save an additional £200 million this year.

* New 25% diverted profits tax on multi-national profits generated in the UK and “artificially” moved out of the country.

* Fuel duty is kept frozen.

* Stamp duty reform to save money for 98% of homebuyers and represent total tax cut of £800 million a year.

* Higher rate income tax threshold to rise to £42,385 next year.

* Income tax free personal allowance to rise to £10,600 rather than the planned £10,500 next year, giving wage boost of £825 a year.

* National Insurance on young apprentices to be abolished.

* Reform of residential property stamp duty so that rates fall only to that part of the property price that falls within each band - 0% in first £125,000 then 2% on the portion up to £250,000 then 5% up to £925,000, then 10% up to £1.5 million, then 12% on anything above that, saving £4,500 on average priced home.

* People who die under 75 to be enabled to pass on annuities tax free.

* Tendering for new franchises for Northern Rail and Trans-Pennine Express to replace pacer carriages with modern trains.

* Government-backed loans of up to £10,000 made available for all students undertaking post-graduate masters degrees.

* Air passenger duty for children under 12 abolished in May 2015 and for under 16s in 2016.

* Clampdown on aggressive tax avoidance to raise £2.8 billion.

* New sovereign wealth fund to invest proceeds from shale gas resources in the North in the north of England.

* Annual charge on properties “enveloped” to avoid stamp duty to rise by 50% above inflation on properties over £2 million.

* Bank profits which can be offset by losses for tax purposes to be limited to 50%, meaning banks will pay almost £4 billion more over the next five years.

* National debt incurred during First World War to be repaid.

* Total welfare spending set to be £1 billion lower than Budget forecast and to continue falling as share of GDP.

* Plan published for a further £10 billion of efficiencies in Whitehall, and Chancellor commits to raising at least £5 billion by cracking down on tax avoidance and evasion.

* Investment of £250 million in new advanced material science institute in Manchester with branches in Leeds, Sheffield and Liverpool.

* Inflation-linked increase in business rates capped at 2% and discount for shops, pubs and cafes increased by 50% to £1,500.

* Charge for non-dom tax status to rise to £60,000 a year for those resident for 12 of the last 14 years and £90,000 for those in the country for 17 of 20 years.

* Commitment to complete public service pension reforms, saving £1.3 billion a year.

* Public sector pay restraint in the next Parliament to deliver savings “commensurate” with the £12 billion achieved over the past four years.

* Employment Allowance of £2,000 to be extended to carers.

* Mr Osborne confirmed additional £2 billion every year for the frontline of the NHS and a £1.2 billion investment in GP services paid for from foreign exchange fines.

* The Government will spend £10 billion less this year than set out in its plans.

* The coming years will require “very substantial savings in public spending” and a new Charter for Budget Responsibility will be published next week, with a House of Commons vote in the new year, to reinforce the commitment to deliver them.

* Government will meet its debt mandate a year late and fiscal mandate two years early.

* Surplus of £23 billion predicted for 2019/20. Deficit as percentage of GDP at 5% this year, falling to 4% next year, then 2.1% and 0.7% before moving into surplus of 0.2% in 2018/19 and 1% in 2019/20.

* Regular earnings growth is now faster than inflation, at 4% for those in full-time work for over a year.

* Half a million new jobs created over the last year, with numbers claiming unemployment benefit falling by 23% and young people on long-term jobless benefit almost halving. Unemployment forecast at 5.4% next year before settling at 5.3%.

* Mr Osborne announced a £45 million package to support exporters to economies in Asia, Africa and South America.

* Britain awarded the lead role in the international effort to explore Mars.

What will Leeds City Council be spending your council tax on?

What are YOU paying for? How Leeds City Council will be spending your council tax money