The Chancellor of the Exchequer, Jeremy Hunt, unveiled his 2023 Autumn Statement on Wednesday 22 November, alongside an updated economic forecast from the Office for Budget Responsibility.
The Statement was centred around ‘growth’, with Mr Hunt leveraging increased tax receipts from a stronger-than-anticipated economy to fund 110 growth-promoting initiatives. Mr Hunt said the government had taken difficult decisions to put the economy back on track and halve inflation, but ‘the work is not done’. He said his priorities are to avoid big government spending and high taxes and instead cut taxes and ‘reward hard work’.
Among the highlights were significant changes aimed at enhancing earnings. Mr Hunt’s drive to ‘make work pay’ materialised through reductions to National Insurance for both employees and the self-employed, coupled with an uplift in the National Living Wage.
Additionally, Mr Hunt announced the permanent establishment of the ‘full expensing’ capital allowance, reforms to the R&D tax credit and increased business rates support for smaller enterprises. These measures are expected to bolster innovation and provide much-needed relief for small businesses.
What does the Autumn Statement 2023 mean for you?
Our detailed Guide to Autumn Statement 2023 looks at these key announcements. You can download the document here:
If you require further information or want to discuss how the announced measures could affect your finances or business, please contact us for more details.
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Located at the Southern tip of the Iberian Peninsula, the British overseas territory of Gibraltar looks South over the confluence of the Mediterranean Sea and the Atlantic Ocean. This small but strategically important isthmus of land, is home to over 32,000 people in just 6.7 km2 (2.6 miles2) of land. As a British crown dependency, the laws and language are those of the United Kingdom, but Spanish is also widely spoken along with the hybridised form of the two known as Llanito. Due to its location and close links with the UK, Gibraltar has long been a favoured destination by British expats looking for sunnier climes and an attractive tax regime. Although it’s not quite as well-known as some other offshore territories such as Monaco and the Cayman Islands, Gibraltar tax rates make it a very attractive choice for anyone looking to relocate within easy striking distance of the UK and Western Europe.