There will be some schemes not affected, these are:
Ultra low car emissions
Cycle to work scheme.
Deductions taken before tax for pensions will still continue.
If your salary sacrifice scheme is in place before April 2017, it will be protected until April 2018, with more expensive agreements carrying on until April 2018.
The National Living Wage will increase from £7.20 to £7.50 in April 2017.
The Chancellor also announced a new NS&I Investment Bond that will offer a rate of 2.2% in spring 2017. It will give savers the opportunity to put away between £100 and £3,000 and be available to those aged 16 or over.
The amount that you can save into your pension pot once you have withdrawn from it has been reduced.
Under the pension freedoms from April 2015, people have been able to pay in up to £10,000 a year into their pension. However the Autumn Statement confirms that from April once you have touched your pension the amount you may re pay to take advantage of tax relief, will now be £4000.
If you have already used the money purchase annual allowance you could now consider bringing forward any planned contributions before this is capped at £4000 in April.
Talk to your adviser about you options when dealing with pension freedoms.
The statement did seem to be aimed at helping businesses and making UK investment more attractive. Corporation tax for business to continue to reduce from current 20% to 17%. This is now the lowest in G20.
Export finance will be doubled and £400m will be injected into venture capital firms via the British business bank, which the Chancellor hopes will reduce takeovers of British tech start-ups by foreign buyers.
What else starts in April 2017?
The Autumn Statement is to be abolished. In Autumn 2017, there will be an Autumn Budget and then in Spring 2018 there will be a Spring Statement responding to forecasts from the OBR. However, the government reserves the right to make tax changes in the Spring Statement if necessary.
As always, if you have any questions regarding the announcements call to talk to your adviser on 01752 837950.