What is in store in the Autumn statement?

Morning all

And more importantly how will it impact the business you work within?

Chancellor Philip Hammond will be revealing his first Autumn statement from midday today.

How do you think this will impact jobs and employment? The National Living Wage increases? Changes to Income Tax??

http://www.bbc.co.uk/news/uk-politics-38068358

We will be posting an overview later on the HR Zone, but in the meantime I am sure this will be all over the news later!

All the best

Sarah

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Replies

  • As promised a brief summary and the impacy for HR:

    • Income tax threshold to be raised to £11,500 in April, from £11,000 now
    • Higher rate income tax threshold to rise to £50,000 by the end of the Parliament
    • Tax savings on salary sacrifice and benefits in kind to be stopped, with exceptions for ultra-low emission cars, pensions, childcare and cycling
    • National Living Wage to rise from £7.20 an hour to £7.50 from April next year
    • Employee and employer National Insurance thresholds to be equalised at £157 per week from April 2017

    I thought this was a great summary on the back of the Autumn Statement how salary sacrifice schemes will be impacted.  Good to see some transisitonal arrangements.

    I thought it was also interesting that the consultation which had commenced had not concluded on this subject!!

    http://www.moneysavingexpert.com/news/protect/2016/11/autumn-statem...

    Full summary is here

    http://www.bbc.co.uk/news/uk-politics-38075649

    All the best

    Sarah

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