George Osborne, the Chancellor
of the Exchequer for the Conservative-LibDem Coalition government, will present
his Autumn Statement to the House of Commons on Thursday 5th December 2013.
As usual we will have a report on the statement within an hour or so of the
Chancellor sitting down in the House of Commons.
Budget
2013 - see our report in March
Our prompt report of the key points for
classic car enthusiasts. More
Budget statement 2012- see our report
See our report. More
& More
HMRC
website
More
What might we see in the Autumn Budget Statement 2013?
The citywire
money website has some predictions. More
ISAs
- it's likely a lifetime limit on ISA investment may be introduced as a response
to stories of a few diligent investors who have used their full ISA annual allowances
each year.
Pensions - tax reliefs are likely to be in for a cut.
Stamp
duty - fairer stamp duty tiers may be introduced to overcome what is seen
as the unfairness of the "cliff edge" feature of the present stamp duty
bands.
Personal allowance is already set to rise to £10,000
from April 2014 but both the LibDems and Conservatives have said they want to
increase it further to £10,500 from April 2015 but there is the possibility
of £12,500 as an election pledge.
Mansion tax - a clamp down
on the superrich non residents using tax schemes to avoid capital gains tax seems
likely but a mansion tax applied more widely seems a possibility, although the
payment of the tax might be deferred until the property is sold or the owner dies.
That would overcome the "asset rich/income poor" objection to that wealth
tax but the deferred payment would reduce the benefit to HM Treasury in the short
term.
Energy bills - a hot topic for many but a cold prospect for
a significant proportion of the population and a political dogfight area. The
"curb on green crap" with a reduction in energy price rises plus firmer
regulation of the utility companies seem likely.
Plastic bag tax -
it's coming soon and has arrived already in Wales and Eire.
Posted: 131203 |
Autumn Statement
on Thursday 5th December
The Autumn Statement 2013 will be made in the
House of Commons by the Chancellor of the Exchequer, George Osborne, later this
week on Thursday 5th December. The
Statement provides an update on the Government’s plans for the economy based
on the latest forecasts from the Office for Budget Responsibility. These forecasts
are published alongside the Autumn Statement on 5th December. Full details of
the announcements will be available on the HM Treasury website
following the Chancellor's statement to Parliament but as usual we will have a
prompt report on the measures announced which will be of interest for the classic
motoring enthusiast..
How
will classic motoring suffer in the Autumn Statement?
What
might
we see in the Autumn Statement which is sometimes called the Mini-Budget"?
Fuel duty
The 1.89 pence per litre fuel duty increase that was due
to take effect on 1st September 2013 was cancelled. The HM Treasury document released
in March 2013 also mentioned that in 2015-16 the duty differential between the
main rate of fuel duty and the rate for compressed natural gas will be maintained,
and the duty differential for liquefied petroleum gas will be reduced by the equivalent
of 1 penny per litre.
HM Treasury
& HMRC
VED rates increase by RPI
In the support document issued by HM
Treasury shortly after the Budget Statement in March 2013 an announcement tucked
away on page 84 provided the very welcome news that the Government will extend
the cut off date from which classic vehicles are exempt from VED by one year.
From 1st April 2014 a vehicle manufactured before 1st January 1974 will
be exempt from paying VED. (Para 2.148, page 84) HM
Treasury
How can I find the build date for my MGBGTV8?
See
our guide note. More
VED rates
and bands
The Budget Statement in March 2013 announced that from 1st April
2013 VED rates will increase in line with RPI, apart from VED rates for heavy
goods vehicles (HGVs) which will be frozen in 2013-14. The Government has no plans
to make significant reforms to the structure of VED for cars and vans in this
Parliament. So the bands will remain. (Para: 2.146, page 83)
HM Treasury
Changes
to transport taxes in the Budget statement in March 2012
A couple of clauses in
the Transport taxes section, on page 70 in the Budget "red book", were
interesting but further clarification is awaited. More
VAT - no change
Thankfully there was no increase announced in
March 2013, so let's hope there is no rise in Thursday's statement.
Roads improvement scheme
Speculation over a new scheme to introduce
private sector investment and management skills into road maintenance and/or new
road building schemes was a news topic in March 2012. Shadow road tolling or public
sector service charge payments are the likely source of payment from the public
sector with possibly real tolls on new roads built by private sector investors
and operators under these proposals. Awaiting clarification on this. More
Insurance tax
The standard rate of 6% (Jan 2011 - April 2012)
remained at 6% for 2012-13 - see page B18 of the HMRC document. Tax
rates & allowances Annex B |