Autumn Statement Summary
| • | From 2014/15, the lifetime allowance for pension contributions will reduce from £1.5 million to £1.25 million and the annual allowance from £50,000 to £40,000; |
| • | The maximum income limit on capped drawdown arrangements is to be reinstated at 120% (from 100%); |
| • | The higher rate threshold for income tax will be increased by 1% rather than inflation in 2014/15 and 2015/16; |
| • | The personal allowance will be increased by a further £235 in April 2013, taking it to £9440; |
| • | ISA allowance will increase to £11,520 for 2013/14 (maximum £5,760 into cash); |
| • | Child Trust Fund and Junior ISA subscription limits will both increase to £3,720 for 2013/14; |
| • | The basic State Pension will increase by 2.5% in April 2013; |
| • | Most working age benefits and tax credits will be up-rated by 1% for three years from April 2013 – excluding disability and carers’ benefits; |
| • | There will be a further 1% cut in the main rate of corporation tax from April 2014, to 21%; |
| • | The Inheritance Tax Nil Rate Band will increase by 1% (rounded up) to £329,000 in 2015/16. |