The Chancellor, George Osborne, delivered the last Autumn Statement of this parliament today. Jon Drysdale of PFM Dental highlights items of interest to dentists.
Tax and duty
The personal tax-free allowance is to be increased and the higher rate tax threshold increased from £41,861 to £42,385 – the first increase in line with inflation for five years.
Reform of stamp duty means an estimated 98 per cent of home buyers will pay less, while those purchasing very high value properties will pay significantly more.
Small businesses
The Funding for Lending Scheme (FLS) has been extended by one year. This government-backed lending is available to small businesses, including dentists, through the major high street banks.
A full structural review of business rates was announced with Small Business Rate Relief to double again and rates capped.
Savings
The £15,000 ISA limit is to be increased to £15,240 from next April. ISA tax-free savings can be passed to spouses on death from next April.
Pensions
There was confirmation that the 55 per cent pensions death tax charge on unused pensions is to be abolished.
Jon Drysdale, an independent financial adviser from PFM Dental, commented: “The vast majority of dentists are likely to benefit from the increase to the higher rate tax threshold and the reform of stamp duty. Existing and future practice owners will welcome the continuing support for small businesses through the extension to the Funding for Lending Scheme and the capping of business rates."
PFM Dental offers independent financial advice exclusively to dentists. For more information visit www.pfmdental.co.uk