The Chancellor yesterday announced a series of measures in his Autumn Statement that will help low income families, encourage SME growth and give a boost to jobs. Key measures are:
· Fuel Duty Cancelled: This will save the average driver £40 a year.
· More Tax-Free Pay: Everyone’s personal tax-free allowance was increased to £9,440. This will lift 30,000 people in the South East out of tax all together.
· Boost to Small and Medium Sized Businesses:
o Corporation tax cut by a further 1% to 21%, giving the UK the most pro-business tax regime in the G7.
o A new Business Bank that will bring use £1 billion to stimulate the market for long term capital.
o An increase in the Annual Investment Allowance limit from £25,000 to £250,000.
· Protecting Support for the Disabled and Carers: Benefits for these two groups will be protected and will rise in line with inflation.
· Pensions Increase of 2.5%: Due to the Government’s triple lock guarantee the basic state-pension will rise to £110.15.
· Expected Empty Property Rates Exemption: Subject to consultation, new commercial properties will be exempt from empty property rates for the first 18 months.
· ISA Allowance Raised: The tax free cash limit will now rise to £5,760 while the stocks and shares ISA limit will be raised by 2.1% to £11,520.
Laura Sandys, MP for South Thanet, said, “This Statement that will help low earners and give a boost to small businesses in Thanet and Sandwich. By protecting motorists and bringing more people out of tax, while at the same time ensuring that benefit payments to do not grow quicker than earnings, we are making sure that it always pays to work.”
“I have always been a strong supporter of small business and I am very encouraged by the steps taken today by the Chancellor to help them. By giving them the confidence to implement their growth plans without incurring high tax bills we are doing all we can to make sure that existing local jobs are protected and new ones are created.”
“This was a pro-hard work Statement and one that I am sure will greatly benefit the residents of South Thanet”.