27 November 2023 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. Document ID: 2023-1963 |
