What will we see in the Autumn Statement?

By MHA

21 Nov 2014

Website
Graham Gordon, head of financial planning and wealth management at Moore and Smalley, offers his views on the forthcoming Autumn Statement.

We have seen so many changes in the financial planning sector in the last two years – increases to ISA allowances, simplification of ISAs, simplification of pension rules, changes to pension drawdown rules and so on - that I would be very surprised if we see anything drastic from the chancellor in this Autumn Statement.

I applaud all of the above as they have given people more freedom over their financial affairs. What I would like to see now is some clarity and certainty on the rate of the personal allowance for income tax and the higher rate of income tax. We have been given some indication of what these will be in the short term, but not in the medium and longer term.

I think there may well be an announcement on inheritance tax. The chancellor has long had a target to push this from the current rate of £325,000 to £1million, so he may set out a timetable for that, which would of course do no harm in bringing a lot of grey-haired property owners out to vote at next year’s election.

As ever, the chancellor will make noises about tax avoidance. The coalition government has already gone to great lengths to close down tax avoidance schemes, although there is still no clear definition as to what is meant by the phrase “tax avoidance”. I suspect there will be references to Luxembourg, Ireland and Holland, however.

Announcements can be expected on capital gains tax on UK properties owned by foreign nationals and tightening of principal private residence relief for those owning more than one property. The latter might be designed to counter Labour and the Lib Dems who are backing a mansion tax.

One measure that has worked very effectively for wealthier individuals from a financial planning perspective is the £15,000 ISA allowance which has enabled a larger amount of cash and shares than previously allowed to be invested without incurring a tax penalty. I sincerely hope the chancellor does not make any changes that would reduce this valuable allowance.

The pension drawdown changes previously announced are likely to produce a win-win situation, allowing the government to generate tax revenues at a much earlier point than would normally be the case and allowing large sections of the electorate to gain more freedom. As the new rules have not yet been finalised, I expect he will make further announcements in this area.

This is the last autumn statement before the General Election in May 2015, so I do expect this and the Budget in March to be more politically charged than normal. However, with a number of financial planning changes announced in the previous Budget still to be implemented, my overarching message to the chancellor is to not do anything else that’s too radical, even if it’s just for sanity of professional advisers like ourselves.

Enjoyed this? Read more from MHA

Latest news

1

Date revealed for opening of entries for Red Rose Awards 2026 Red Rose Awards 2025

Date revealed for opening of entries for Red Rose Awards 2026

14 Jul 2025

2

Northcote celebrates prestigious industry marketing award for the 25th anniversary of Culinary Festival Obsession Northcotes winning awards

Northcote celebrates prestigious industry marketing award for the 25th anniversary of Culinary Festival Obsession

14 Jul 2025

3

Applebridge take over first floor letting at Ackhurst Business Park in Chorley John Kiernan - Construction Director & Paul Troubridge - Project Director; from the Applebridge Family

Applebridge take over first floor letting at Ackhurst Business Park in Chorley

14 Jul 2025

4

Expanding Airframe Designs appoints new advisory board chairman David Roberts and Jerrod Hartley

Expanding Airframe Designs appoints new advisory board chairman

14 Jul 2025

5

Booths win gold at International Cheese and Dairy awards Cheese counter at Booths

Booths win gold at International Cheese and Dairy awards

14 Jul 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV123 July/August Launch Event
Lancashire Business View magazine launch
Networking
16 Jul 2025

LBV123 July/August Launch Event

Burnley College University Courses Building, Burnley, BB12 0AN

08:30 - 10:30

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Shaping Preston's future by remembering its past
1750160034867.png.png
LBV Hub Networking
16 Jul 2025 - 16 Jul 2025

Shaping Preston's future by remembering its past

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:30

Chamber Summer BBQ
LBV Hub Social
17 Jul 2025 - 17 Jul 2025

Chamber Summer BBQ

The Borough, Dalton Square, Lancaster, LA1 1PP

17:30 - 20:00

Preston Tech Connection: Web3 is Dead. Or is It?
July Longer Banner.jpg.jpg
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Web3 is Dead. Or is It?

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

North West Business Expo 2025
https---cdn.evbuc.com-images-880456273-4862066883-1-original.20241022-105445.jpeg.jpg
LBV Hub Exhibitions
24 Oct 2025 - 24 Oct 2025

North West Business Expo 2025

Bolton Stadium Hotel, Bolton, BL6 6SF

09:00 - 15:00

Lancashire Business Day 2025
241122lbvlancashiredaylhp0647web
Networking
27 Nov 2025

Lancashire Business Day 2025

Burnley FC , Burnley, BB10 4BX

12:00 - 17:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin