Chancellor Jeremy Hunt announced the much anticipated Autumn Statement yesterday (22nd November 2023) setting out the government’s tax and spending plans for the year ahead. Our tax manager Jim McMahon has provided a brief summary of the measures that will affect Scotland.

• Minimum wage for over 21’s up by more than £1 to £11.44 per hour as from April 2024.
  
• Minimum wage for 18 to 20 year-olds increased to £8.60.
  
• Universal Credit up by 6.7%.
  
• State pension up by 8.5%.
  
• National Insurance to be reduced by 2% to 10% from January 2024.
  
• Class 2 National Insurance (self-employed) to be abolished.
  
• Class 4 National insurance reduced by 1% to 85 from April 2024.
  
• Full expensing tax break for business to be made permanent.
  
• Freeze on alcohol duty until 1 August 2024.
  
• There are no changes to inheritance tax