Vote-winning announcements are always expected from a Chancellor’s Budget in an election year. Despite the stagnant economy and limited fiscal headroom, Jeremy Hunt still announced a few tax cuts and other surprises.
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On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits.
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The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. The information in this report is based upon our understanding of the Chancellor’s 2023 Spring Statement, in respect of which specific implementation details may change when the final legislation and supporting documentation are published.

This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. You should not make any investment decisions based upon its content. Pension eligibility depends on individual circumstances.

Whilst considerable care has been taken to ensure that the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information.

Following the dramatic sacking of Kwasi Kwarteng after his October mini-budget unleashed market turmoil, a swift change in Prime Minister, and an ever-burgeoning cost-of-living crisis, Hunt promised that today’s Autumn Statement (delayed from 31st October) would ensure his tax and spending plans would “stand the test of time”.

Straight out the gate: Kwarteng’s not-so-mini Budget

Biggest rates cut in three decades.

It’s safe to say Chancellor Rishi Sunak did not expect to be delivering the first official fiscal statement less than four months after his maiden Budget speech back in March, but here we are.

We are pleased to enclose out 2020 budget for your attention. Some of the more interesting/concerning points are:
 
· The lifetime limit on qualifying disposals eligible for the 10% tax rate is reduced from £10m to £1m for disposals made on or after 11 March 2020.
· Cash grants for businesses with a rateable value of less than £15,000
· A temporary loan scheme for SMEs
· A 30-day window for paying capital gains tax on property sales kicks in from 6 April – you will need to prepare your calculations before you sell any property.
· Corporation tax to stay at 19%
· Firms with rateable values of less than £51,000 in the retail, leisure and hospitality sectors won’t have to pay business rates from April 2020 for a full year
· A 6.2% increase in National living wages to £8.72 from 6 April 2020
· Principal private residence relief to fall to 9 months in the final period (originally the last 3 years)
· Reverse charge VAT in the construction industry confirmed to start the 1 October 2020
· A significant increase in the pensions taper relief
· Class 1 & Class 4 National Insurance threshold will rise to £9500 from April 2020
· Employment Allowance will rise to £4,000pa from April 2020
 
Enjoy your read and please contact us to discuss any points – clearly there is a lot of new information here and it will take a few weeks for the Government to filter down how everything will work.

It’s been an eventful few years in British politics, but 2019 has been something else again with one jolt after another.

Many employees need to travel as part of their job for various reasons, whether it’s acquiring new customers, working with current ones or attending conferences and events.
The system of benefits and taxation surrounding this essential economic activity is classed as ‘travel and subsistence’ in the eyes of the taxman. (more…)