Autumn Statement 2016

Please click here to see our summary of the key announcements in the 2016 Autumn Statement.  We hope you will find it useful and interesting.

Philip Hammond’s first Autumn Statement was also his last. After two Budgets in 2017, from 2018 onwards we will have a Spring Statement and an Autumn Budget. In his 2017 Autumn Statement finale, the Chancellor made a number of tax-related announcements:

  • The tax and NIC advantages of most salary sacrifice schemes will be removed from April 2017, but there will be some exemptions, such as pension contributions.
  • The government renewed its commitment to reduce the rate of corporation tax to 17% by 2020. It will also limit the tax deductions that large groups can claim for UK interest expenses from April 2017.
  • The pensions money purchase annual allowance (MPAA) will be reduced from £10,000 to £4,000 from April 2017. This limit applies to people who have accessed their pensions flexibly and currently may therefore be getting tax relief on up to £10,000 of recycled pensions income.
  • From June 2017 insurance premium tax will increase yet again, to 12%.
  • There was the usual raft of anti-avoidance measures, including a new legal requirement to correct a past failure to pay UK tax on offshore assets.

There were many other important announcements which we cover in the summary. If you think you may be affected by anything included in the Autumn Statement, please don’t hesitate to get in touch.

The information regarding taxation is based on our understanding of law, HM Revenue & Customs practice and current legislation, which may be altered and depends on the individual financial circumstances of the investor. The value of investments may fall as well as rise.

Testimonials

My accountant recommended that I should take advice from a different independent financial advisor four years ago, as my investments were scattered and not especially tax efficient.  They recommended I meet Highwood.

I met Michael Gould of Highwood at my accountants office in 2013 and quickly realised that I should appoint them.  I gave them details of all my assets and they took approximately a month to prepare a thorough written investment report which we followed up with a further meeting. On their advice I gradually changed various holdings including organising my SIPP and setting up Educational trusts for my grandchildren etc.

I have been very impressed after three years with the performance of my portfolio and especially the efficient quiet way that they have responded to my requests. I now have an annual meeting with Highwood to receive a written report and in the Interim they deal with my requests quickly and efficiently in correspondence and by phone. All the team at Highwood appear to be very professional and I have no hesitation in recommending them

David Cons FRICS

As soon as we met Michael Gould of Highwood we felt confident that we could trust him as a financial adviser. He gives us sound advice; we receive excellent service from his team and we have been delighted with the performance of our portfolio. We have recommended Highwood to our family, friends and clients, all of whom are equally pleased.

Michelle and Jeremy Fisher