Many this week were poised waiting for the Chancellors Autumn Statement to see what it would bring for families and individuals.
Despite what has been heavily banned about in the media, there was no introduction of a mansion tax and more surprising, no rise in the higher council tax bands. Therefore not much change for those at the top of the ladder, but there was news of 120,000 new homes which will begin to be built. This will help those trying to get on the property ladder but also stimulate the job market by creating more employment and in turn stimulate the construction industry. Mr. Osborne chose also to help jobless residential property owners with the extension for another year of the mortgage support interest payments. This benefit is paid directly to the lender and helps home owners manage the interest of their property loans.
Another relief seen for individuals in the Autumn statement was the plan to increase the threshold for inheritance tax (IHT). The level will rise from £325,000 to £329,000 by 2015/16. This is a rise of 1%.
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