Wednesday 5th December 2012
Commenting on measures in the Autumn Statement for high earners, David Kilshaw, partner at KPMG, said:
“High earners will not have been expecting much seasonal joy from the Chancellor – but the upshot has been slightly less bleak than feared.
“The reduction in pension pot tax relief was less severe than it could have been, and does not take effect straightaway. There has also been an unexpected rise in the Inheritance Tax threshold, albeit only 1% and not until 2015/16. With the threshold having been frozen for several years, this will be warmly greeted by many.
“There are plenty of anti-avoidance measures but on the whole the Chancellor was less Scrooge-like than many expected.”
Follow us on twitter: @kpmguk #AS2012
For further information please contact:
KPMG Press office
Tel: +44 (0) 207 694 8773
Mark Hamilton, KPMG Corporate Communications
Mobile: +44 (0) 7785 337672: email@example.com
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.