Insights

Autumn Statement 2023

Our partners react

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Tax

Our Partners give their reactions to the recently announced Autumn Statement measures delivered by the Chancellor in his plan to help grow the British economy.

"The combination of the two existing R&D schemes into a single scheme is as anticipated, however we await the detail following the recent consultation regarding this proposal, which received many responses from across the sector."

Chris Riley | Head of Tax
“To further stimulate investment, full expensing relief has been made permanent, allowing companies to claim 100% capital allowances on qualifying plant and machinery investments. This generates an in year 25% tax deduction for capital spend.”

Catherine Heyes | Corporate Tax Partner
"Despite much speculation about changes to Inheritance Tax there was no announcement. In fact, as a budget there were virtually no changes to individual taxation. However, Rachel Reeves' response shows Labour is committed to abolishing the non-domiciled tax regime, which may suggest big changes are to come if we have a Labour government next year. Non-domiciled taxpayers may want to start considering their options now."

Stephen Kenny | Personal Tax Partner
“Self Employed individuals (and partners) with modest profits will be very happy with the 1% reduction in Class 4 NIC and the scrapping of fixed rate Class 2 payments.”

Mimi Chan | Corporate Tax Partner
"The government has abolished Class 2 National Insurance and reduced Class 4 and Employee National Insurance, claiming this to be the biggest tax cut since the 80s. This ignores the fiscal drag created by freezing tax bands until 2028, whose impact will most likely outweigh the benefit on the National Insurance cuts."

Tom Golding | Corporate Tax Partner
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