Chancellor’s Autumn Statement 2023
As part of the Autumn Statement 2023, Chancellor Jeremy Hunt took a punt at changing the fiscal narrative with “110 growth measures”, with a 2% cut to the main rate of national insurance from 6 January alongside confirming incentives to encourage business investment such as permanently extending the full expensing initiative.
For self-employed, Hunt also abolished Class 2 national insurance and cut Class 4 national insurance from 9% to 8%., presumably to come into effect on 6th January also.
As for individuals, he also confirmed that the national living wage will increase for 23-year-olds and over to £11.44 per hour from April.
Other measures Hunt announced in response to having a more generous than expected fiscal headroom were:
- A permanent extension of the full expensing capital allowance scheme
- Freeze all alcohol duty until 1 August 2024
- Increase state pension by 8.5%
- Confirmation of the new merged R&D scheme
- Freeports extended for another five years
- 75% business rate discount for retail, hospitality and leisure extended until 2025
- Tax relief for visual effects expenditure
Hunt did hold off from announcing any changes to inheritance tax despite much media speculation.
Please contact Laurence, Andrea or myself for Tax or Accounting advice – we are here to help you (financially) through this crisis. We will always look at ways to save you tax. We can deal with you remotely and still meet all your requirements.
Gerry O’Boyle 028 91 469054 or email@example.com