Autumn Statement 2013
December 6th, 2013
Over the years, the Autumn Statement in its various guises has become as big a showpiece event for the government as the budget, and with blanket media coverage this year was no exception. George Osborne spoke for almost 52 minutes much of which was spent pointing out the improved economic conditions, and laying down some clear challenges to Labour.
The message the Chancellor wanted us to take away was clear; the economy is improving but the job is not complete, or to put it another way, it might be hurting, but at least it's working. Not everybody agreed.
One of the announcements which drew a huge amount of comment was accelerating the increasing of the pension age to 68, and then to 69. Various people suggested that this would affect between 8 and 10 million people who would have to work for longer before drawing their state pension, although the estimated £500bn saving seemed eye-watering; not quite so impressive (but still not insignificant) when you realised that this would be spread over 50 years.
As usual, very little was given by way of detail about the tax changes and we were left to fight our way through a myriad of documents to find what has changed on the tax front, and work out what the implications would be. You can see what our experts made of the changes by having a look at the news analysis items from TolleyGuidance below. Hopefully, the work we have done will mean that things are a little clearer for you, though more detail will come out over the next week or so as we get the draft Finance Bill clauses, and we will be adding more news analysis items as we get more information.
It's been a long day for the whole team and I'm extremely grateful to them for their efforts in not only pulling this all together but also thinking about how the changes might affect you and your clients
Director of Exam Training & Practical Guidance
TolleyGuidance Autumn Statement 2013 in-depth analysis
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December 06, 2013 - 10:46AM
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