Chancellor Jeremy Hunt set out his plans to tackle recession as quickly as possible, take control of the country’s borrowing, and create energy independence and efficiency. This against a backdrop of building a 21st century economy and driving the UK as a tech and global science superpower.
Many of the announcements are devolved in Scotland, so we will need to await the Scottish Government’s response in their Budget in December.
In the meantime, our team have analysed the detail and summarised the key areas of focus for our clients to consider:
Personal Taxes
As predicted the Chancellor introduced a number of new tax revenue generating changes and froze various tax thresholds over an even longer term. Alex Docherty, Partner and Head of Private Client Tax, explains the key takeaways for individuals.
Read our full Personal Taxes analysis, here.
Employment Taxes
There were few changes made from an employment taxes and pay governance perspective, but increases to the National Living/Minimum Wage rates were announced. Brian Rudkin, Director and Head of Employer Services, has covered the detail.
Read our full Employment Taxes analysis, here.
Corporation Tax
With the increase in the main rate of corporation tax to 25% from 1 April 2023 already announced (and re-confirmed following the reversals of the “Mini-Budget”), not much change was expected in the Autumn Statement. John McAuslin, Partner and Head of Corporation Tax, summarises the updates announced.
Read our full Corporation Tax analysis, here.
Innovation Taxes
The Autumn Statement contained some unexpected announcements on the Innovation Taxes front - David Ward, Partner and Head of Specialist Tax, and Andrew McMillan, Director and Head of Innovation Taxes, explain the announcements concerning R&D Tax Relief and Audio-Visual Tax Relief.
Read our full Innovation Taxes analysis, here.
VAT & Duties and other business taxes
Alex Nicholson, VAT and Indirect Tax Partner, covers the key points to consider for VAT & Duties and other business taxes.
Energy
Mark Stewart, Head of Energy, Infrastructure and Sustainability, gives an overview of the key energy measures announced which impact our clients the most.
Read our full Energy analysis, here.
Contact us
If you would like to discuss any of the above points, please don't hesitate to get in touch with our team of sharp minds.
Partner and Head of Tax
Susie Walker
Tax Partner and Head of Tax, Susie joined Johnston Carmichael in 2012 following 20 years with Bank of Scotland, HBOS and latterly Lloyds Banking Group, as Group Tax Director.
Meet our team
