November 2011

Autumn Statement by George Osborne

The key points of the Chancellor's Statement are as follows:

Tax

The personal allowance will still rise by £590 to £8,105 in April 2012 while the higher-rate tax threshold is frozen at £42,475.

Capital gains tax allowance will be frozen at £10,600 for 2012-13, rising in following years in line with the consumer price index.

Air passenger duty will go up in April by 10% and be extended to business jets the following year.

Pensions

The basic state pension will rise by £5.30 to £107.45 a week in April. Couples will get £171.85 per week. The state pension age will rise to 67 over two years to 2028.

Families

Free nursery places for two year olds from poorer families will be doubled to 260,000.

The child element of the child tax credit will rise in line with CPI. However the £110 above inflation rise in the child tax credit has been scrapped.

Transport

Average rail fares will rise by 1% above the annual increase in the retail prices index in July instead of 3% above RPI as planned.

The planned 3p rise in fuel duty in January has been delayed until August.

Investment

The new seed enterprise investment scheme will offer 50% income tax relief for investment in start ups.