Autumn Statement 2014: personal finances

The Autumn Statement 2014 was delivered by the Chancellor George Osborne on 3 December 2014. Here's a summary of the headline announcements that will impact upon personal finances.

  • Stamp duty: From midnight on 3 December, residential property stamp duty will be charged on the part of the property that exceeds the threshold, rather than on the total value.
  • Personal allowance increase: The tax-free personal allowance will increase from £10,000 to £10,600 in April 2015. This will be passed onto higher-rate tax payers who pay 40% tax, increasing the threshold from £41,865 to £42,385.
  • Non-domiciles: Payments for people who have lived in the UK for 12 of the last 14 years will rise to £60,000. A new £90,000 charge will be introduced for people resident in the UK for 17 of the last 20 years.
  • ISAs: The annual savings limit for ISAs will increase from £15,000 to £15,240 in April 2015. ISA savings that are inherited by a surviving spouse from a deceased partner will retain their tax-free status.
  • Pensions: The 55% tax on inherited pensions will be abolished. The Chancellor also announced that people who die before they reach 75 will be able to pass on joint life or guaranteed term annuities tax free.
  • Pensioner bonds: The government would be publishing "market leading" rates on bonds for over-65s which will be available from January 2015.
  • Fuel duty freeze: The freeze on fuel duty will continue beyond 2015.

A detailed guide to the 2014 Autumn Statement will be available to read on our site tomorrow morning.

Contact us to discuss any of the measures announced in this year's Autumn Statement and how they will affect your financial plans for the future.