The Chancellor, Jeremy Hunt, will present the Autumn statement to Parliament on 22 November 2023.
This is likely to announce tax rates, allowances, and reliefs for the next financial year.
We do know some tax plans which have already been announced; the annual Capital Gains Tax exemption is halving to £3k in 2024/25, the basis rate tax band is frozen to 2027/28, VAT limit is frozen at £85k and the annual pension contribution amount has risen to £60k.
With the recent by-election results being disastrous for the Conservatives, will we see some generous business and personal tax changes to try and encourage positive votes, or will the economy, inflation rates and interest rate reductions take priority? We wait with bated breath! We will bring you more details once the announcements have been made and the underlying “small print” has been digested.
