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Autumn Statement 2023

For the past few weeks the news has been littered with suggestions of tax changes the Chancellor of the Exchequer was considering making in his Autumn Statement. The most notable rumour was that he was thinking about halving, or possibly even abolishing entirely, inheritance tax.

When it came to it, though, yesterday's Autumn Statement was a bit of a damp squib from a personal tax perspective. There were no changes to the main tax rates, with the key announcement relevant to working individuals being a reduction in National Insurance contributions for both the employed and self-employed.  

It remains to be seen whether Mr Hunt is saving any announcements for the Spring Budget, which may be his last significant fiscal statement before a general election. Whether that is the case will depend on how much fiscal headroom there is at the time.

A number of weeks-long rumours on inheritance tax, stamp duty and income tax reform came to nothing, while a big cut to National Insurance for 29 million UK workers was something of a surprise announcement.


personal tax, private client