The Chamber News
Autumn Statement by Paul Brown, WR Partners
Personal taxes
- Personal tax bands and allowances frozen until April 2028 – extending the period frozen from April 2026
- Threshold for additional (45%) rate reduced from £150,000 to £25,140
- Inheritance Tax nil rate band remains frozen until April 2028
- Tax free dividend allowance reduced from £2,000 to £1,000 (2023/24) then £500 (2024/25)
- Electric cars subject to vehicle Excise duty from April 2025
- Taxable benefit on company cars to increase @ 1% per year from April 2025
- Capital gains tax annual exemption reduced from £12,300 to £6,000 (2023/24) then £3,000 (2024/25)
- Stamp duty reduction announced in Mini Budget reversed from April 2025
Business tax
- R&D tax credit regime for small and medium sized entities made less generous – rate of enhancement for deductions reduced from 130% to 86%
- R&D regime for larger companies made more generous – credit increases from 13% to 20%
- Windfall tax regime for energy companies increased and tax base broadened
Read more here: Autumn Statement – A masterclass in expectation management .. — WR Partners
