Autumn Statement November 2023

Download our Autumn Statement Booklet

The key points of the statement are as follows

Cuts to employee NICs take effect from 6 January 2024 and self employed NICs from 6 April 2024
100% first year allowances (‘full expensing’) for companies made ‘permanent’ (originally due to expire 31 March 2026)
Extension of the ‘cash basis’ of computing taxable profits for unincorporated businesses
Reforms to tax reliefs for research and development and creative industries
Affirmation of support for the state pension ‘triple lock’ with an 8.5% increase from April 2024, based on average earnings
No changes announced to Income Tax, Inheritance Tax or Stamp Duty Land Tax – all remain fixed at levels previously announced

If you would like to discuss any of the points raised above please contact the partner or a member of the LH Team

Budget March 2024

1 month ago

In past years, the annual Budget was shrouded in secrecy. No one was supposed to know what was in the Red Box that the Chancellor held up outside 11 Downing Street on his way to Parliament. There was an element of suspense. Now it seems that most of the proposals were predicted in the morning papers – the television pundits were reduced to speculating whether Jeremy Hunt would produce ‘a rabbit from his hat’, but it turned out that the hat only contained what was expected.

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