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Autumn Statement 2023: What Was Said

Chancellor Jeremy Hunt announced the Autumn Statement 2023. See below to stay up to date with the latest Business and Tax Announcements

📌 National Insurance rate cut from 12% to 10%

Hunt says employee National insurance will be cut by 2 percentage points from 12% to 10% from 6 January!

📌 Class 2 National Insurance to be abolished! This will save the average self-employed person £192 a year," Hunt says.

Self Employed People who pay 'Class 4' National Insurance contributions will now pay 8% instead of 9% on all earnings between £12,570 and £50,270 as from April.

📌 Minimum Wage Rise Confirmed

Chancellor Hunt says the minimum wage - known officially as the National Living Wage - will rise from £10.42 to £11.44 per hour in April next year.

The higher wage will also be paid to 21 and 22-year-olds for the first time. At the moment, only workers over 23 years-old receive £10.42 an hour. 📌 Benefits are Rising!

Benefits to increase next year by 6.7%, the inflation rate for September.

This applies to working-age benefits such as Universal Credit and Disability Benefits

📌 Freeze on Business Rates

Chancellor announces a freeze in business rates calculations for an extra year and maintains 75% discount on rates for retail, hospitality and leisure businesses. 📌 Cheers for Pensions!

The state pension will increase by 8.5% from April 2024 to £221.20 a week, as the government honors the triple lock "in full" 📌New Plan to Speed Up Planning Applications

Hunt commits to reform the planning system to allow for faster planning applications.

This will allow local authorities to recover the full costs of major business planning application in return to meet faster timeline.

The chancellor adds ‘A prompt service or your money back’ 📌Business Tax Break made Permanent!

Hunt explained for every £1 that a business invests in IT, machinery and equipment, they can claim back 25p in Corporation Tax. This is great news for companies which invest heavily in equipment, such as manufacturers, however companies that are not as profitable or which mainly invest in people and equipment wont benefit as much. 📌Money off Electricity bills for those living near power infrastructure.

Chancellor confirms a plan that will cut grid access delays by 90% and offer up to £10,000 off electricity bills over 10 years for those living closest to new transmission infrastructure. 📌Local Housing Allowance will Increase

Chancellor Jeremy Hunt will increase the Local Housing Allowance rate. This will give 1.6 million households an average of £800 of support next year 📌Alcohol Duty Frozen, Tobacco Duty Up

Duty on hand rolling tobacco by an additional 10%.

However all alcohol duty will be frozen until 1st August next year, meaning no increase in duty on beer, cider, wine or spirits. For more tax updates and announcements follow our LinkedIn Page!

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