Podcast: Spring Budget 2024 reaction

Our summary of the Spring Budget 2024 provides an overview of the key announcements arising from the Chancellor’s speech, and how they are likely to impact your business and personal finances. We take a look at:

  • The impact on private clients and personal finances with Katharine Arthur, Partner and Head of Private Client, and Mark Pattenden, Private Client Partner;
  • How the non-domiciled tax regime will go through significant changes with James Walker, Partner, and Duncan Cleary, Manager; and
  • The welcome tax relief changes for the creative industries with Louise Veragoo, Not for Profit Tax Director, and Alice Palmer, Senior Manager.

Click to listen below. You can also listen on Apple Podcasts, Google Podcasts, and Spotify.

Reactions to the 2023 Autumn Statement

Changes to National Insurance Contributions (NICs)

The Chancellor Jeremy Hunt announced 110 measures as part of the Autumn Statement, designed to stimulate economic growth, with significant changes to NICs. However, Katharine comments that the cut in NI rates might not be as significant as it seems.

Katharine says: “While the NI cuts will somewhat lessen the burden for many individuals, the actual annual saving is, in reality, minor when compared to the current tax burden on households.” Katharine also notes that with record highs of inflation, it has pushed many people into higher tax bands, leading to a record number of receipts for personal taxes.

Changes to National Minimum Wage and National Living Wage

In addition, the Chancellor announced an increase to the National Minimum Wage (NMW) and National Living Wage (NLW) rates, effective from 1 April 2024. However, Katharine questions whether this is more burden on businesses: “While it will mean slightly more money in people’s pockets, which should help the wider economy, employers will now need to cope with more complicated payrolls, applying the new rates before the start of the new tax year, and meeting the costs of the increased Living Wage.”

You can read Katharine’s comments across various publications below:

haysmacintyre’s full coverage of the Autumn Statement is here. For further advice on the Statement and what it means for you, contact Katharine here.

Spring Budget – 15 March 2023: Highlights

The Chancellor, Jeremy Hunt, delivered his first Budget this afternoon, promising a Budget for growth. Much attention has already been given to the extension of free childcare to one and two year olds, and the extension of the energy price guarantee to 30 June 2023.

The tax announcements include:

Corporation Tax

  • Corporation Tax Rate: the increase to the main rate to 25% from 1 April will go ahead.
  • Capital Allowances: full relief for capital expenditure for the next three years e.g. on IT equipment, plant and machinery. The intention is to make this permanent.
  • Research and Development Credit (R&D): an enhanced credit of £27 per £100, where 40% or more of (a small or medium) business’ expenditure is on R&D.
  • Cultural tax reliefs for theatres, orchestras, museums and galleries will continue at 45%-50% until 2025.
  • Creative tax reliefs for film, TV and video games to be simplified and modernised.


  • Annual Allowance to increase to £60,000.
  • Lifetime Allowance to be abolished.

Employment: new apprenticeships for the over 50s returning to work (‘returnerships’)

Fuel Duty: frozen for a further 12 months.

12 new investment zones around the UK.

Tax Avoidance Schemes: further measures to tackle schemes to be announced.

Further details will follow in our full summary.

Please contact Katharine Arthur, Partner and Head of Private Client, with any queries.

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