George Osborne’s Autumn Statement dishes out what some will call early Christmas presents and others policy U-turns, according to Thames Valley accountants James Cowper Kreston.
Following increased concern from across both political parties, the chancellor’s first big give-away was the scrapping of planned cuts to tax credits, a move that will be welcomed by families across the Thames Valley.
Pensions, families with young children in need of childcare, first-time home buyers, women’s health and wellbeing charities and small businesses are all among those taking home an early Christmas gift.
Those losing out from Santa Osborne’s early visit include tax payers that need to deal directly with HMRC, second-home owners and buy-to-let landlords, drivers of diesel company cars, and individuals selling residential property triggering a capital gains charge.
Ian Miles, a partner in the private client team at James Cowper Kreston, said: “George unsurprisingly delivered major support for policing, defense and the NHS. The changes on tax credits, while perhaps not a surprise, will be welcomed across the political spectrum and by many thousands of families across the region.
“Those looking to get on the housing ladder are also one of the biggest winners today, with various packages of support available. With house prices in the Thames Valley among the highest in the country this will be particularly welcomed.
“The move to introduce personal digital tax accounts by HMRC is in principle a good idea, giving tax-payers greater information and the ability to manage their tax affairs. But the Government does not have a great track record in delivering large-scale IT projects and the lack of personal support from HMRC is particularly worrying.”
Winners
Losers
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