Often, when looking at the tax announcements in Budgets and other fiscal events, the devil is in the detail.

This Autumn Statement – given by a Chancellor determined to set a tone of fiscal responsibility and avoid any potential aftershocks which might shake market confidence – looks to be an exception.

As expected, the overall picture is one of rising taxes.  For individuals, this is largely achieved through freezing or reducing thresholds – with the income tax additional rate threshold and the capital gains tax annual exempt amount notable examples.  The reduction in the annual exempt amount in particular will increase the administrative burden for taxpayers, as more disposals will need to be notified.  The Chancellor avoided making big structural changes to taxes and reliefs which means that, from a tax perspective, this Autumn Statement is relatively easy to digest.

The Chancellor has also announced additional funding for HMRC to focus on, amongst other things, reducing non-compliance amongst wealthy taxpayers.  Overall, HMRC’s budget is set to reduce over the coming years, however, which is likely to put further pressure on their delivery of normal services such as registrations and repayments, as well as on the ongoing development of the Making Tax Digital programme, still due to roll out to income tax in April 2024.

Autumn Statement ‘At a glance’   

Autumn Statement for individuals

Autumn Statement for employers

Autumn Statement for businesses