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Budget

Budget Summary Spring 2024

Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’. Lowering taxes The Chancellor made further changes to National Insurance contributions (NICs), following the cuts made in the Autumn Statement 2023. The rates for NICs will be […]

Read more March 7th, 2024

Budget Summary Autumn 2023

On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits. Download our Autumn 2023 Budget […]

Read more November 23rd, 2023

Rumour That Inheritance Tax May Be Abolished

In the weeks before any Budget or Autumn Statement there are always leaks and rumours. Normally, in the run up to a General Election, there are also tax giveaways in an attempt to re-elect the incumbent political party. One rumour that has been circulating in the press concerns the possible abolition of inheritance tax (IHT). […]

Read more October 5th, 2023

Autumn Statement Date Announced

The Chancellor of the Exchequer, Jeremy Hunt, has confirmed that the Autumn Statement will be on 22 November 2023. The Autumn Statement can affect tax policy, benefits, and much more. The Chancellor will make his announcement to Parliament, setting out the Government’s plans on all matters fiscal and economic. Interestingly, this could be the Chancellor’s […]

Read more September 25th, 2023

Super Deduction Replaced By “Full Expensing”

In the Spring Budget the Chancellor announced that “full expensing” – 100% relief for new, eligible plant and machinery – would replace the 130% super-deduction from 1 April 2023 for limited companies. This is in addition to the £1 million annual investment allowance (AIA) and will be available for expenditure incurred up to 31 March […]

Read more July 5th, 2023

Budget Summary Spring 2023

On 15 March 2023, Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. The Chancellor announced a £27 billion transformation of capital allowances from April this year, which will include the Full Expensing […]

Read more March 16th, 2023

Will The Spring Budget Stimulate Economic Growth?

With the UK economy flat lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may also extend the 130% super-deduction for investment in new plant and machinery which is due to end […]

Read more March 3rd, 2023

Capital Gains Tax Annual Exemption Cut

Many were predicting that the rates of Capital Gains Tax (CGT) paid by individuals would increase, possibly to align with the rates of income tax. Instead, the Chancellor has announced that the current £12,300 annual tax-free CGT exemption (or allowance) will be reduced to just £6,000 in 2023/24 and only £3,000 in 2024/25. This change […]

Read more December 5th, 2022

Stamp Duty Threshold Changes

In the UK mini-budget in September, the government announced that it would increase the threshold at which Stamp Duty Land Tax (SDLT) must be paid on the purchase of residential properties in England and Northern Ireland. From 23 September 2022, the ‘nil-rate’ threshold was increased from £125,000 to £250,000 for residential properties. This means that […]

Read more November 21st, 2022

Budget Summary Autumn 2022

On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. Chancellor Jeremy Hunt laid out three core priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, partially through public […]

Read more November 18th, 2022

U-Turns To Steady The Financial Markets

In his Fiscal Statement delivered on 23 September 2022, the previous Chancellor, Kwasi Kwarteng, introduced a Growth Plan including the tax cuts promised by Liz Truss in her Conservative Party leader campaign. However, the tax cuts were broader than expected and were being funded by increased borrowing. Furthermore, the plan was not accompanied by a […]

Read more November 2nd, 2022

Major Budget U-Turns

Over the last few days, we have seen a gradual dismantling of the mini-budget of Friday 23 September 2022, along with the economic policies that Prime Minister Liz Truss based her leadership campaign on. On Friday 14th October, Ms Truss announced a change of Chancellor, from Kwasi Kwarteng to Jeremy Hunt. This was swiftly followed […]

Read more October 18th, 2022

New Investment Zones

The Government is in discussion with 38 local authority areas in England to set up ‘Investment Zones’ in specific sites within their area. Each Investment Zone (IZ) will offer generous, targeted and time-limited tax cuts for businesses along with liberalised planning rules to release more land for housing and commercial development. These will be hubs […]

Read more October 7th, 2022

IR35 U-Turn

The much criticised “off-payroll” working rules were introduced for the public sector from 6 April 2017 and then extended to large and medium-sized private-sector organisations from 6 April 2021. The rules replaced the ‘IR35’ rules where workers supplied their services to these organisations via a personal service company (PSC) or other intermediary. The effect was […]

Read more October 6th, 2022

Dividend Rates Reduced From 2023/24

Many directors/shareholders of family companies pay themselves a small salary and take the rest of their “pay” in dividends. With dividends being free of NIC, this would have allowed them to avoid the extra 1.25% NIC charge when it was originally introduced. Consequently, the Government added 1.25% to the dividend income tax rates for 2022/23. […]

Read more October 5th, 2022