Book Description

Despite the improvement in the public finances, this year's Autumn statement is fiscally neutral and locks in lower spending by reducing departmental budgets for 2014-15 and 2015-16 by 1.1% but excluding local government, Security & Intelligence Agencies and HMRC. The Government will: cap the Retail Prices Index in business rates to 2% in 2014-15 and extend the doubling of Small Business Rate Relief to April 2014; will provide a business rate discount of £1,000 in 2014-15 and 2014-16 for retail properties with a rateable value of up to £50,000 and a 50% discount from business rates for new occupants of previously empty retail premises for 18 months; abolish National Insurance Contributions for under 21 year olds on earnings up £813 per week; remove cap on higher education student numbers; announce further reforms to make the most of the UK's science base; introduce a new tax relief for shale gas, and increase support for employee ownership and the creative industries; improve the UK's infrastructure with the National Infrastructure Plan 2013; and take further action to increase housing supply and support home ownership. Fuel prices will be frozen and the impact of policies on energy bills will be reduced. The average increase in rail fares will capped. Married couples & civil partners will be allowed to transfer £1,000 of their income tax personal allowance to their spouse where neither is a higher rate taxpayer.