The Autumn Statement- wha

He observes: “George Osborne had previously said that he will confirm the outcome of a pension tax review in March next year – and cuts are widely predicted”. We will also increase funding for apprenticeships to make sure they are of high quality.

Osborne’s tax credits U turn doesn’t include the limit on child tax credits, so families with more than two children will still lose money. The cuts of recent years have been hard and there remain difficult times ahead, but we must now take this opportunity to meet the needs of the victims of tomorrow and to build morale among police officers and staff we must keep innovating.

The UK’s overseas aid budget has been sent “soaring” in this year’s Spending Review, in what is a “huge gamble” by Mr Osborne. The move will give them control of £13billion of additional local tax revenues, and £26billion in total business rate revenues.

“Crime is lower but certain areas are rising”. But it was a welcome one, too: devolving rates should deter excessive spending and stimulate competition between councils, while encouraging local government to be more responsive to business needs.

Local government will now have the power to set business rates.

“I am disappointed that the Forum’s views that HMRC should offer a wide variety of tax payment options for small businesses based on their needs, rather than pushing them down the digital route”.

What it means for local businessesCouncillor Colin Davie, Executive Member for Economic Development at Lincolnshire County Council.

Despite speculation that there could be a surprise announcement in the Autumn Statement, the Government reiterated that it will wait until the March Budget to respond to the consultation on pensions tax relief.

“The chancellor’s commitment to the arts and culture should also be applauded”.

Chief executive Kate Nicholls said: “It is disappointing, however, to see that once again we are in a position of urging the Government to hasten with real and meaningful change to the business rates system and to bring about root and branch reform”.

This will rise by 3 per cent from April, meaning those living overseas who are looking to snap up a buy-to-let or second home in the United Kingdom may want to rush to complete the purchase.

James Pinchbeck, Marketing Partner, Streets Chartered Accountants, said: “It’s a balancing act; the Chancellor’s success in achieving his goals will be dependent on realising public sector “efficiencies”, attaining tax revenues and businesses thriving whilst at the same time delivering public sector services and infrastructure investment”. Now, the Chancellor has announced that in future, commuters will also soon be able to claim compensation from their rail tickets if their train is more than just 15 minutes late, down from an interminable and cold hour-long wait or more.

From the headlines to the fine print, here’s Mishcon de Reya’s comprehensive briefing on what 2015’s combined Autumn Statement and Spending Review means for high net worth individuals and business owners.