THE Chancellor delivered a punchy performance in his Autumn Statement according to accountancy and business advisory firm Baker Tilly.

George Osborne’s statement in the House of Commons yesterday contained some crowd-pleasing moves and a few surprises.

Responding to the Autumn Statement, Tim Smith, tax partner at Baker Tilly’s Basingstoke office, said: ‘The biggest surprise of the statement was the announcement of changes to Stamp Duty Land Tax as this affects residences. “Having always been an unpopular tax which has distorted the housing market, the change will be hugely welcomed by most home buyers.

“However, those with expensive properties will lose out here. It also raises the question of how this affects Labours plans for the Mansion Tax.

“Another welcomed announcement will be the changes to pensions and also the news that widows and widowers will now inherit ISAs tax-free, especially to those who will be relying on an income from ISA’s for their pensions.

“There was good news for small businesses with the improvement of R&D relief and the introduction of some new employment taxes measures.

“However, there is some argument that despite these being welcome moves for small businesses, they may actually result in administrative difficulties for some.”