Autumn Statement 2010

Chancellor George Osborne presented the Autumn Statement to the House of Commons on 29 November 2010. This newsletter summarises the key points, and rounds up some of the recent tax changes announced by the Coalition Government.

Inside this newsletter

The Autumn Statement is the Coalition's replacement for the previous Government's Pre-Budget Report. Whereas Gordon Brown and Alistair Darling used the occasion to make announcements on draft tax changes and legislation that would appear in the spring Budget, George Osborne gave a more concise speech focusing on the economy.

However, the Autumn Statement represents a good opportunity to take stock of where we are generally, in this busy first year of Coalition Government.
In this newsletter, we round up some of the most important tax and business changes announced in the last five months or so, starting with the Emergency Budget in June, including

• The forthcoming increase in the standard rate of VAT
• Changes to pensions tax relief
• Planned reforms to corporation tax.

We also summarise October's Comprehensive Spending Review, in which the Chancellor unveiled over £80 billion in public sector spending cuts.

If you would like to discuss any of the issues mentioned in this newsletter, do contact us.

This publication was prepared immediately following the Chancellor's Autumn Statement based on official press releases and supporting documentation. The publication is for guidance only, and professional advice should be obtained before acting on any information contained herein. No responsibility can be accepted by the publishers or the distributors for any loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.