Outline of the Autumn Statement 2012

We have summarised some of the changes announced today:

  1. The annual amount which can be paid into a pension to reduce from £50,000 to £40,000 from 6th April 2014.
  2. Reduction in the lifetime pension allowance from £1.5m to £1.25m from 6th April 2014. 
  3. Individual Savings Account (ISA) allowance to increase to £11,520 from 6th April 2013. 
  4. Basic State pension to increase in 2013/14 to £110.15 per week. 
  5. Pensions being paid by capped drawdown to have the maximum payments increased to 120% of GAD from 100% of GAD. 
  6. 40% tax band to rise to £41,865 in 2014/15 and £42,285 in 2015/16 
  7. Capital Gains Tax Annual Allowance to increase to £11,100 
  8. Nil rate band for Inheritance Tax to increase to £329,000 in 2015/16

For full details see
http://www.hm-treasury.gov.uk/as2012_index.htm