The UK Chancellor of the Exchequer has today announced 110
measures designed to promote financial growth in the UK. There had
been much speculation as to what might be included in his Autumn
Statement, including in recent weeks the possibility of tax cuts.
This article from Tracey Neuman, Private Client Executive,
delves into the key highlights and implications of the
announcement, addressing both anticipated and unexpected
measures.
Key takeaways from the Autumn Statement 2023
1. National Insurance Contributions cuts
One of the speculated tax cuts was to National Insurance
Contributions (NIC), which was paid by workers and employers in the
UK. The main rate of NIC is to be reduced from 12% to 10% with
effect from 6 January 2024. Class 2 NIC, which are paid by the
self-employed are to be abolished and the rate of Class 4 NIC, also
paid by the self-employed, is to be reduced from 9% to 8%. However,
there was nothing on the much-touted potential changes
