ARTICLE · 09 DECEMBER 2011

Tax Update - Monday 5 December 2011

Smith & Williamson

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Under the Government's Tax Policy Framework the main event in the calendar for tax changes will be the Spring Budget.

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Richard Mannion

1. General news

1.1. Autumn Statement

Under the Government's Tax Policy Framework the main event in the calendar for tax changes will be the Spring Budget. Consequently there was little new tax news in the Autumn Statement, except the following:

The CGT annual exemption has been frozen at £10,600 for 2012/13. This is disappointing but nevertheless it remains a potentially valuable relief worth up to almost £3,000 in tax savings.
The planned increase in fuel duty due to take place in January has been cancelled.
The bank levy will become a permanent tax set at 0.088%.
Following a consultation, Government has announced that there will be a new Seed Enterprise Investment Scheme (SEIS) to encourage investment in new start-up companies. SEIS will provide income tax relief of 50 per cent for individuals who invest in shares in qualifying companies, with an annual investment limit for individuals of £100,000 and cumulative investment limit for companies of

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