2012 Autumn Statement – at a glance

Personal tax highlights ….

•Weathly pension savers targeted with £10k reduction in annual allowance for tax to £40,000 in 2014-15

•Lifetime allowance for tax relief on pensions savings will be reduced from £1.5m to £1.25m.

•Personal allowances raised an extra £235 to £9,440 in 2013-14 •basic rate limit will be set at £32,010

•Higher rate threshold increases will be capped at 1% in 2014-15 and 2015-16

•Phasing out of age-related allowances confirmed •Child Benefit rates will be frozen in 2013-14 and will increase by just 1% in the two following years.

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