Autumn Budget Statement 2023


Autumn Budget Statement 2023

The Chancellor of the Exchequer, Jeremy Hunt, presented his 2023 Autumn Statement to Parliament on 22 November and published supporting documents which you can read all 120 pages of by clicking on the link, should you have a spare few months until the next budget!

Most of the areas that affect our clients are unchanged or the same as previously announced, other than a reduction in National Insurance and an increase in the National Living Wage.  See the tables below for a summary at a glance.


Income tax  no changes
tax-free allowance £12,570 0%
20% tax band £37,700 basic rate
40% tax band £50,270 higher rate
45% tax band £125,140 additional rate
National Insurance Contributions (NIC)
Employee class 1 10% reduced from 12% from 06/01/2024
Employer class 1 13.80% no change
Self-employed class 2 not required reduced from £3.45/week
Self-employed class 4 8% reduced from 9% from 06/04/2024
Dividend tax
tax-free allowance £500 £2,000 – 2022/23. £1,000 – 2023/24 £500 – 2024/25
Ordinary rate 8.75%
upper rate 33.75% total income over £50,270
additional rate 39.50% total income over £125,140
Corporation tax
profits up to £50k 19%
profits over £250k 25%
Profits between £50k and £250k gradual marginal increase
Director’s overdrawn loan account – corporation tax
threshold frozen £85,000 average £7,000 turnover/month
Capital Gains Tax
tax-free exemption £3,000 £12,000 – 2022/23. £6,000 – 2023/24 £3,000 – 2024/25
Pension tax limits
annual allowance £60,000
lifetime allowance abolished from 2024/25 tax year
National Living Wage
from April 2024 £11.44 aged 21 and over



As we are fast approaching the end of 2023, before we know it the end of the 2023/24 tax year will be upon us on 5 April 2024. We would recommend thinking about checking any unused allowances and exemptions soon, to maximise your tax efficiency.

If you would like to discuss how any of the measures affect you personally, or if you need advice on your personal situation, please feel free to contact us at: or call us on 020 8446 6112

Please note, data correct at time of writing and may not always be applicable to your circumstances. Please check with us before acting on any of the above as we cannot be held responsible for any action taken without giving formal advice.


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