Unsurprisingly, there were no changes to the rates and allowances for Income Tax purposes, VAT, Corporation Tax, Inheritance Tax and Capital Gains Tax. NIC charges for employees and the self-employed were eased and the Chancellor has bowed to lobbying by UK companies and has made the “full expensing” of main rate capital expenditure a permanent feature – it was due to end 31 March 2026.
NIC changes in more detail
The Chancellor saved changes to NIC until the end of his presentation and was his main tax give-a-way.
He reduced the Class 1 employees contribution rate from 12% to 10% and this will apply to deductions made from earnings from 6 January 2024. According to Treasury estimates...