Autumn Statement 23: Hunt sets out plans to boost business investment by £20bn a year
Hunt announced major reforms for self employed people. He said he would abolish Class 2 National Insurance «altogether», saving the average self-employed person £192 a year.
He said he would make full expensing permanent, a measure originally announced in 2021, which allows businesses to write off the full cost of qualifying plant and machinery investment permanent. He described this as the «biggest business tax cut in modern British history», claiming it is worth over £10bn a year.
«It means we have not just the lowest headline corporation tax rate in the G7, but its most generous capital allowances,» he said.
For retail, hospitality and leisure businesses, the chancellor said the 75% business rates discount would be extended for a further year, at a cost of £14.3bn.
The small business rates multiplier will be frozen at 49.9p for smaller properties and 51.2p for larger properties for a further year.
Hunt also announced major reforms for self-employed people.
The chancellor said he would abolish Class 2 National Insurance «altogether», saving the average self-employed person £192 a year.
Class 4 National Insurance will also be cut by one percentage point to 8%, which combined with the abolition of Class 2 National insurance will save two million people an average of £350 a year from April 2024.
More to follow.
Autumn Statement 23: LTAFs to be included in ISAs amid sweeping regime overhaul
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