ARTICLE · 07 DECEMBER 2023

Autumn Statement 2023: Back To Work With 110 Measures

Norton Rose Fulbright Hong Kong

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The Chancellor used the Autumn Statement 2023 to set out 110 measures with the stated aim of boosting the economy.

United KingdomTax

The Chancellor used the Autumn Statement 2023 to set out 110 measures with the stated aim of boosting the economy. Almost a quarter of these measures related to tax. Headline announcements were: making permanent the capital allowances full expensing regime, reducing the main rate of class 1 employee National Insurance contributions (NICs) and class 4 NICs and abolishing class 2 NICs, and the merger of the research and development (R&D) expenditure credit and SME R&D relief schemes.

On examining the detail, many of the measures had already been announced or were subject to consultation. As usual, there had been speculation in the lead up to the speech, with rumours of changes to the corporation tax and income tax rates and more generally to inheritance tax, none of which materialised.

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