Yesterday Philip Hammond delivered his first (and last) Autumn statement, providing the Chancellor with an opportunity to reassure post-referendum Britain.
- Mr Hammond was keen to stress that the gap between government spending and projected tax receipts could be managed effectively, both now and in the future.
- Meanwhile, the Chancellor will replace the Autumn Statement with a ‘Spring Statement’ and an autumn Budget, changing the Treasury’s financial calendar.
So what does the Autumn Statement’s 20,000 words and 72 pages mean for you and your clients?
While there were no major rabbits out of the hat, changes you need to be aware of from next April include:
- The reduction in the money purchase annual allowance – for pension savers over 55 that have accessed their pensions savings.
- National insurance will be payable on salary sacrifice schemes for some staff benefits.
Read our Financial Planning Bulletin for more details.
