Autumn Statement

by | 22 November 2023

Key points


  • The Class 1 National Insurance rate will reduce from 12% to 10% with effect from 6 January 2024.
  • Individuals with only PAYE income over £150,000 will not be required to file self-assessment tax returns from 2024/25. Those with a pension annual allowance charge will no doubt need to remain within the regime.


  • Class 2 National Insurance will be abolished next April with a percentage point reduction in Class 4 National Insurance to 8%.


  • The 100% full expensing relief for qualifying capital expenditure will be made permanent.
  • The SME R&D amendments will take effect from April 2024.


  • The existing sunset clause for the EIS and VCT schemes will be extended from 6 April 2025 until 6 April 2035.


  • The state pension will increase by 8.5% in April 2024.

Other announcements

  • Small business rates are frozen with retail hospitality and leisure relief extended.
  • The national living wage will increase to £11.44 an hour, with the age threshold lowered from 23 to 21 years old from April 2024.
  • The national minimum wage will increase to £8.60 for 16-17 year olds and £6.40 for apprentices.
  • The investment zones programme and freeport tax reliefs will be extended from 5 to 10 years.
  • HGV Levy and Vehicle Excise Duty will be frozen at 2023-24 rates for 2024-25.
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