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A new penalty is being introduced for those helping someone else to use a tax avoidance scheme. Tax avoiders are hit with significant bills when HMRC defeats their avoidance scheme, this new penalty will ensure that those who help them will also face the consequences.
Additionally, the government will meet its manifesto commitment to increase the personal allowance to £12,500. Over the last Parliament, 1.2 million individuals in Wales saw an average gain of £521, due to an increase to the personal allowance
By injecting an additional £400m into venture capital funds through the British Business Bank, unlocking £1 billion of new finance for growing firms.
The OBR forecasts that debt will rise from 84.2% of GDP last year to 87.3% this year, peaking at 90.2% in 2017-18 as the Bank of England’s monetary policy interventions approach their full effect.
Scotland, like the rest of the UK, will benefit from the decisions set out in today’s Autumn Statement, as the UK government builds an economy that works for all.
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