In the first combined Spending Review and Autumn Statement since 2007, the Chancellor’s emphasis was on expenditure. He nevertheless made a range of tax-related announcements, the main ones being:

Stamp duty land tax (SDLT) From 1 April 2016 SDLT rates will be increased by 3% for the purchasers of buy-to-let and second homes. From April 2019, any capital gains tax due on the disposal of residential property will have to be made as a payment on account within 30 days of the disposal.

Apprenticeship levy – The rate of the new apprenticeship levy, due to begin in April 2017, will be 0.5% of the employer’s payroll. Every employer will receive an offsetting allowance of £15,000, so that only employers with a payroll of over £3m will pay anything.

Tax credits – The proposed changes to tax credits, rejected by the House of Lords in October, have been scrapped at a cost of £3.4bn in 2016/17.

Pensions – The dates for the contribution rate increases under auto-enrolment will be pushed back six months to align them with tax years. The rate for the new single tier state pension, due to start next April, was set at £155.65 a week.

ISAs In the absence of inflation, the ISA limits will remain at their 2015/16 levels. A consultation on including equity crowdfunding as an eligible investment was launched.

Company car tax A planned change to the tax treatment of diesel company cars, which would have removed the 3% surcharge from April 2016, will be deferred until April 2021.

Tax avoidance and evasion – Several measures to counter tax avoidance and evasion were announced, including a number targeted at offshore activities.

Not included in the Spending Review & Autumn Statement

We expect pension tax relief may be changed in 2016. Perhaps as early as the budget. It could be useful to fund pensions now.

With the changes to Dividend taxation it may be useful to review your remuneration strategy immediately and make use of the current rules prior to April 2016.

Alternative tax efficient investments are available for clients who exceed their pension Lifetime Allowance and still want to make additional provision for their retirement. The Lifetime Allowance reduces to £1 million on 06/04/2016.