Autumn Statement 2023

Quick summary of the main points of yesterday’s Autumn Statement. Must admit at the minute feels more winter than autumn!

• Reduction in National Insurance 

This will benefit both employees and self-employed people

Employee’s rate of 12% reduced to 10% on incomes up to £50,270

Self-employed rates of class 2 abolished and class 4 reduced from 9% to 8%

• Increase in National Living Wage

Biggest increase going to the age group under 18s (and apprentices) and the top bracket now extended to include anyone over 21 (previously was 23)

Over 21s £11.44 ph (increase £1.02)

18-20 years £8.60 ph (increase £1.11)

Under 18s and apprentices £6.40 ph (increase £1.12)

•   Full expensing continued for Corporation Tax

100% relief continued for investments

• Business rate relief

This is continuing for another year for the Retail, Hospitality and Leisure sector.