What to expect
What you shouldn’t expect from the Autumn Statement? The Chancellor’s red box, it comes out only on Budget day.
But here’s a list of measures that Osborne is rumoured to announce at 11.15am today.
1. Peer-to-peer lending to be included in individual savings accounts (ISAs)
The Chancellor is expected to announce a consultation on giving savers, who lend money to individuals and small companies via peer-to-peer websites, tax free returns.
Samir Desai, co-founder of Funding Circle, told the FT: “This news would be a huge win for British investors up and down the country, and represent a seminal moment for our industry.”
2. Growth upgrade
The Office for Budget Responsibility is expected to upgrade its growth projection in 2013 to 1.4%, up from 0.6% in March. The Chancellor is expected to announce these revised figures.
3. Stamp Duty reduction
Osborne will reportedly pay heed to calls of senior tax advisors to clampdown on stamp duty for homes between £250,000 and £300,000. The move would cost the Treasury £150m.
Research by PricewaterhouseCoopers (PwC) has found that decreasing tax from 3% to 2% on properties in this bracket would only equate to 0.9% of the total stamp duty receipts raised by the Coalition since it came into power in 2010.
4. Business rates
Osborne is set to cap business rate rises to 2% in the Autumn Statement tomorrow.
Based on September’s retail price index’s measure of inflation, business rates were expected to rise by 3.2% next year.
5. Tax Free Allowance
Osborne is rumoured to raise tax free allowance to £10,500 by April 2015. The allowance is due to rise to £10,000 from April next year.
6. Tax avoidance
Much like the budget, Osborne will issue warnings to tax avoiders after the consultation document issued in August.
7. Buy-to-Let tax
The Chancellor is reportedly planning to remove the tax-deductibility of mortgage interest payments for buy-to-let landlords
Follow all the Autumn Statement action with us @londonlovesbiz using #AS2013 and in our dedicated Autumn Statement feed
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