Autumn Statement

The Autumn Statement on the 17th November will include the announcement of the Government’s longer term plans together with the forecast from the Office for Budget Responsibility.

This follows on from the Chancellor’s announcements that the following tax policies will no longer be taken forward:

• Cutting the basic rate of income tax to 19% from April 2023. The basic rate of income tax will remain at 20% indefinitely
• Cutting dividend tax by 1.25 percentage points from April 2023. The 1.25 percentage point increase, which took effect in April 2022, will remain in place
• Repealing the 2017 and 2021 reforms to the off-payroll working rules (also known as IR35) from April 2023. The reforms will remain in place
• Removal of the additional rate of income tax. This will now remain in place
• Cancellation of the planned rise in the corporation tax rate. The rate will be 25% from April 2023

James Cowper Kreston will bring you updates on key measures announced on the 17th November.

Internet links: GOV.UK