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UK Autumn Statement 2023 discussed
The UK Chancellor of the Exchequer (Treasury Minister) delivered his Autumn Statement” (the Statement) on 22 November 2023. According to the Statement, there are a number of changes that will take effect from the tax year beginning on 6 April 2024 and for later years; however, there was little that will significantly affect globally mobile employees except for reductions in National Insurance (NI), the UK social security charge, which take effect from 6 January 2024. The Statement did not include any changes to income tax thresholds and tax will therefore continue to be charged for the 2024/25 tax year at the 20% rate on the first £37,700 of taxable income, 40% on the next £87,440 and 45% on any excess. Similarly, the personal allowance of £12,570 continues to be subject to the phase-out rules where taxable in-come exceeds £100,000.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.