X

Contact Kirk Rice

Kindly complete the form below to send an enquiry. Your message will be sent to one of our Accountants or Financial Planners who will respond to you within 24 hours.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service
X

Request Appointment

Please complete this form to request an initial appointment at our cost.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service
X

Kirk Rice Blog

Autumn Statement 2023 – What You Need To KnowWritten on November 23, 2023 by Kirk Rice LLP

On 22 November 2023, the Autumn Statement was delivered by the Chancellor Jeremy Hunt. Our summary boils his 110 different proposals down to a concise report of the key points.

The Autumn Statement had been initially trailed as focusing on the longer term issues facing the country, but Mr Hunt decided to prioritise short-term tax cuts over maintaining future expenditure. The most headline-grabbing immediate moves were cuts to national insurance and placing the expensing of corporate investment onto a permanent basis.

Some of the rumoured changes, such as inheritance tax reform, did not appear, but there is still a chance – the Spring Budget is due to take place in March next year.

Download Our full Autumn Statement Summary

In our summary we look at all the key announcements and the impact they may have.

 

Some of the key announcements included:

  • A cut in the main rate of class 1 employee NICs from 12% to 10% taking effect from as soon as 6 January 2024. There will be a reduction in the main rate of class 4 self-employed NICs from 9% to 8% from 6 April 2024 when class 2 NICs will be abolished.
  • Making permanent the full expensing of investments by companies in qualifying plant and machinery so it will continue after April 2026.
  • The continued freeze of the main income tax allowances and thresholds, the main national insurance contributions thresholds and the inheritance tax nil rate bands for 2024/25.
  • A full triple lock increase of 8.5% for 2024/25 for state pensions and pension credit. But universal credit and most other benefits will increase by just 6.7% in line with CPI inflation to September 2023.
  • Freedom for investors to make multiple subscriptions to ISAs of the same type each year from April 2024. Partial transfers of ISAs between providers will also be permitted.
  • A 9.8% increase in the national living wage to £11.44 an hour.

With a full Budget still likely in the Spring, there is much in this Autumn Statement on which to build your tax and financial planning for the rest of the current tax year and beyond. If you have any questions about how the Autumn Statement affects you, please get in touch.

Do you want to keep up to date with tax and financial planning issues?

Sign up to our newsletter to receive similar articles on topics including personal tax, business accounting, investments, pensions and financial planning straight to your inbox.

 

If you have any questions or need any assistance on this topic, please contact us on info@kirkrice.co.uk.

Please note: answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made. The information is based on current tax legislation which may change in future.

Comments