Autumn Statement comment from Thames Valley accountants James Cowper Kreston

Thames Valley and South Coast accountants James Cowper Kreston comment on George Osborne’s 2013 Autumn Statement.

This year’s Autumn statement sounds more like a second Budget as it outlines the Government’s spending plans for 2014.  There are, as always, clear winners and losers.

The winners

This year’s winners are, says James Cowper Kreston, the young, those that wish to work for longer and families on lower incomes.

Ian Miles, Partner in the Private Client team at James Cowper Kreston says: “The Chancellor has announced an additional 30,000 student places for 2014/15 and the abolition on a cap on student numbers.

“He also recognises, however, that university is not going to be for everyone and has announced a further 20,000 apprenticeships over the next two years.”

Sharon Bedford, Partner in James Cowper Kreston’s Business Tax team adds: “Employers who employ young people – those aged under 21 – will get a break from National Insurance contributions – the so-called tax on jobs.  A measure that will be welcomed by those taking on those additional 20,000 apprentices.”

Families on lower incomes also fair well from this Autumn Statement.  “Married couples and civil partners will welcome the proposed tax break, initially allowing for the transfer of personal allowances.  This could put an additional £200 a year into the family budget,” says Ian.

“Families will also welcome the return of free school meals for all junior school children.”

The losers

This year’s losers are the tax avoiders and international families and businesses that take advantage of our friendly tax regime.

Ian says: “Further measures were introduced to clamp down on those that seek to avoid tax or take unfair advantage of the UK tax regime.  Again, many of these measures have been well trailed and will come as no surprise.

“Overseas property investors are one such example and will now have to pay capital gains tax following any sale of UK residential property.”

Ian Miles, Partner, James Cowper Kreston LLP, Tel +44 (0)1491 848500 or email