The Chancellor has given his Autumn Statement with a range of measures likely to affect Oxfordshire residents.

At the House of Commons, George Osborne began his speech by outlining that the UK had the fastest grwoth in the G7 group of countries.

The main measures announced were:

  • A change in stamp duty meaning people will pay the rate of tax on the part of the property price within each tax band – like income tax. Under the new rules, you’ll pay nothing on £125,000 and 2% on the remaining £60,000. 
  • The tax-free personal allowance is being increased by a further £100 in April 2015, to £10,600.
  • Children under 12 will be exempt from tax on economy flights.
  • Spouses will inherit their partner’s individual saving account (ISA) benefits after death.
  • £2 billion additional funding for the NHS.
  • Business rates will be cut and capped, with extra Help for the High Street.
  • No more employer National Insurance contributions (NICs) on apprentices under 25.
  • Loans for postgraduate masters of up to £10,000, will beat commercial rates.
  • £5.9 billion sustained investment in science.
  • Long term plans for infrastructure as outlined yesterday, including money for the A34, the Western Conveyance flood relief channel and making Bicester a Garden City.
  • A ‘diverted profits tax’ which will apply to a company’s profits that have been diverted from the UK through complex arrangements.
  • Banks will increase corporation tax payments.
  • Creative sector tax reliefs will be extended to children’s TV.
  • A further £7 billion announced to build a "Northern Powerhouse"
  • Search and rescue and air ambulance charities will be eligible for VAT refunds

Let us know how you think the Autumn Statement will affect you by using the comment feature below.

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