Autumn Statement 2023: Our Thoughts

The Chancellor of the Exchequer set out on 22 November 2023 what is highly likely to be his last Autumn Statement before the next general election. Following the continued freezing of income tax personal allowances and rate thresholds until 2028, which will raise significant amounts of tax due to high inflation, the Chancellor had some spare cash to spend. The announcements gave a small proportion of this back to individual taxpayers in the form of national insurance contribution cuts, whilst also making significant changes to the taxation of capital allowances for businesses by making ‘full expensing’ permanent. This article sets out where to find our written and recorded commentary on the Autumn Statement.

Tim Sarson

Partner, UK Head of Tax Policy

KPMG in the UK

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Readers can find all our Autumn Statement commentary on our dedicated external webpage. This includes recordings of our two live events:

Our LinkedIn Live event hosted by Tim Sarson, KPMG in the UK’s Head of Tax Policy, on the afternoon of the Autumn Statement to share our initial impressions; and
Our webinar on 24 November 2023 where our experts took a deep dive into the full impacts of the Autumn Statement

We also published written commentary on 22 November including a general overview and summaries of the implications for businesses, employers and individuals.

You can find further commentary on some of the key tax measures in the Autumn Statement in this edition of Tax Matters Digest as follows:

The next step in the tax policy cycle is the publication of the Autumn Finance Bill which is expected imminently. At the time of writing, an exact date for publication had not been announced but the first reading in Parliament is scheduled for Monday 27 November 2023 so it is likely to be very soon after that. We will include commentary on the Bill in a future edition of Tax Matters Digest.