View our 2012 Autumn Statement summary

Chancellor George Osborne presented his 2012 Autumn Statement against a backdrop of global economic uncertainty.

With the past year bearing witness to ongoing difficulties in the eurozone, the Chancellor faced something of a balancing act in his bid to encourage growth while sticking to the austerity programme.

The Chancellor announced a number of significant measures for individuals and businesses, including an additional increase in the basic income tax personal allowance from next April, together with an additional cut in the main rate of corporation tax from 2014, and a temporary increase in the Annual Investment Allowance, from £25,000 to £250,000 effective from January 2013.

The widespread speculation that tax relief on annual pension contributions would be targeted was confirmed, with the cap on relief set to fall to £40,000 from 2014, at which time the lifetime allowance will also be reduced, from £1.5 million to £1.25 million.

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