Hunt's Menu Sees a Return to Traditional British Fare

The autumn statement delivered by Chancellor Jeremy Hunt saw a return to tradition with a focus on old-style approaches to tax planning and fiscal management.

The basic rate of income tax reduction is canceled, and the savings on stamp duty are temporary, ending in April 2025. The nil-rate band for inheritance tax will be frozen until April 2028.

Employers will see an increase in the National Living Wage from April 2023. Class 1 Secondary NICs will be fixed until April 2028.

The tax-free allowance for Capital Gains Tax will be significantly reduced over the next two years, and the Dividend Allowance will also decrease.

There will be a business rates multiplier freeze and increased support for eligible businesses. Retail, hospitality, and leisure businesses will see extended relief.