News

Autumn Statement 2023 Summary

November 23, 2023

On Wednesday 22nd November, the Chancellor, Jeremy Hunt, unveiled his Autumn Statement to the House of Commons.

Against a backdrop of reducing inflation and greater headroom for spending, the Chancellor announced several tax cuts and boosts to business in his ‘Autumn Statement for Growth’.

The main measures included:

  • Class 2 National Insurance contributions (NICs) will be abolished and the main rate of Class 4 NICs will reduce from 9% to 8% from 6 April 2024.
  • Full Expensing for companies will be made permanent.
  • The R&D Expenditure Credit (RDEC) and SME schemes will be merged into a single scheme from 1 April 2024.
  • The qualifying period for Investment Zone and Freeport benefits will be doubled from five to ten years.
  • The main rate of Class 1 employee NICs will reduce from 12% to 10% from 6 January 2024.

We have put together the highlights from yesterdays announcements, which you can read in our Autumn Statement Highlights blog.

You can read a full summary of all the measures in the Autumn Statement in our Autumn Statement Summary.

Our team is always on hand to offer advice and support.  If you would like to speak to a member of the team or have a specific query, then Contact Us today.

Gary Olding

Gary is the National Head of Tax and oversees our Tax Compliance and Medical Tax Teams. When not dealing with clients he is supervising operations, troubleshooting, and optimising workflows.

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