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Update for business owners. The Autumn Statement was Chancellor Philip Hammond’s first major announcement since taking office. As well as new information about the state of the UK economy, it included some key points for small businesses. Tax The tax free personal allowance will rise to £12,500, and the higher rate threshold to £50,000, by the end of the parliament. The personal allowance will rise at least in line with inflation from that point. The Chancellor said the government had put a “business-led recovery” at the heart of their plan. Following this, he confirmed that corporation tax will fall to