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Deloitte.22November2023Autumn Statement2023ContentsIntroduction1Business tax2RD andother investment incentives3Industry specificmeasures4Employment taxesand National Insurance5Other tax measures
61.IntroductionThe Chancellorof theExchequer,Jeremy Hunt,today deliveredthe UKs2023Autumn Statement.Against abackdrop offalling inflationand below-forecast borrowingfigures,the Chancellorsought toencouragebusiness investmentthrough apackage oftargeted tax cuts andinvestmentincentives,whilefocussing broadermeasures onindividuals and the self-employed.Business taxdevelopments includepermanent full expensing forcapital investmentand theabolition ofrulesrelating to the taxationof OffshoreReceipts inrespect ofIntangible Property
7.Headline grabbingreforms of the UKsNational InsuranceContribution regimewill largelyimpact theself-employed andindividuals,but UKemployers will be requiredto administera reductionin themainNIC ratefor employeesfrom12%to10%with effect from6January
2024.In relation to the introduction of Pillar2legislation,the Government intends to apply the UndertaxedProfit Rulefrom2025,but willcontinue tomonitor internationalimplementation.This bulletinsets outthe keytaxmeasuresfor non-UK ownedcorporate groups.For detailedcoverageand commenton the Autumn Statement2023,visit DeloitteUKs dedicatedwebsite here.
2.Business tax
2.1Full expensingof capitalexpenditureIn SpringBudget2023,the Governmentintroduced full expensing for qualifying capitalexpenditureincurred between1April2023and1April
2026.The Government has nowannounced,as expected,thatfull expensingwill be made permanent.Under thefullexpensingrules,companies canclaim100%first-year capitalallowances for qualifyingplant and machinery expenditure,and a50%first-year allowanceforqualifyingspecial rateassets.Cars,assets forleasing andsecond-hand assetscontinue to be ineligible for thisrelief.However,theGovernment isexploring thecase forexpanding thescope offullexpensingto include assets forleasingand willpublish a technical consultationin duecourse.While this announcement waswidely anticipated,it remainswelcome newsfor companiesand shouldprovidegreater certaintyin planninglong-term investments,for examplein decarbonisationtechnologyor innewer,greener plantandmachinery.The Chancellordescribed thischange asthe“biggest businesstax cut inmodern Britishhistory andthe Governmentforecasts that the newpermanent measurewillbenefit taxpayersby anaverage of£10bn peryear.The Governmentalso announced that it will launchatechnicalconsultation onwider changesto simplifythe UKs capitalallowances legislationin duecourse.
2.2Repeal of UK ORIPrulesThe Government has announced that itwill repealthe OffshoreReceipts inrespect ofIntangibleProperty ORIPrules inrespect ofincome arisingfrom31December
2024.The ORIPrules wereimplemented in2019to discouragemultinational groupsfrom placingintangibleproperty inlow taxjurisdictions whereincome issubject tono ora lowrate of tax.The repealof theORIP ruleswillcoincide with theintroductionof theP川ar2Undertaxed Profits Rule,which the Government considersto morecomprehensively discouragethe behavioursthat ORIPsoughtto counteract.Whilst anyincome whichwas subject to ORIPwill nowpotentially besubject to the UndertaxedProfitsRule,the repealis awelcome simplificationof the UK taxregime.
2.3Pillar TwoThe Government intendsto introducetheUndertaxedProfitsRule,which formspart of theG20-OECDglobal minimumtax frameworkon Pillar2,in anupcoming Finance Bill,to takeeffect for accountingperiods beginningon orafter31December
2024.〃The Governmentnoted in the documentspublished immediatelyafter theChancellors speechthat itisimportant thatthe UKimplements Pillar2toasimilar timelineas othercountries“and thattheGovernment willcontinue tomonitor internationaldevelopments onimplementation.The Government will alsomake technicalamendments to the Multinationaltop-up taxand Domestictop-up taxlegislation throughtheAutumn Finance Bill
2023.The Multinationaltop-up taxand Domestictop-up taxwere introducedin theFinance No.2Act
2023.The proposedchanges arecomprised ofamendmentsidentified fromstakeholder consultationand thosenecessary toensure thatUK legislationremainsconsistent with administrative guidancetothePillar2model rulesagreed by the UKand othermembersof theOECD InclusiveFramework.
3.RD andother investmentincentives
3.1Merger ofRD tax reliefsThe Government has confirmedthat itwill proceedwith mergingthe twoUK RDregimes,the SMEandthe Researchand DevelopmentExpenditure CreditRDEC schemes,into oneconsolidated scheme.Themerging of the twoschemes wasexpected,following earlierannouncements includedin SpringBudget
2023.Under the merged scheme,all claimants will nowreceive reliefvia anabove-the-line,taxable credit atthe currentRDEC rate of20%.Loss-making companieswill suffera lowernotional taxcharge of19%,delivering anet benefitof
16.2%on qualifyingspend,slightly higherthan the15%effective reliefavailableto tax-paying claimants.Further announcementsrelate tothe abilityto claimRDEC forcontracted-out RD,subsidisedexpenditure andexternally providedworkers EPW.It has been clarifiedthat paymentof an RDEC creditmustbemadetotheclaimant companygoing forward,and thatno newassignments ofRDEC creditstonominee companieswill bepossible.The merged scheme will be includedin theAutumnFinanceBill2023and willapply foraccountingperiods beginningon orafter1April
2024.This isa slightchange fromearlier plans,which werefor themergedscheme to apply forexpenditure incurredafter1April
2024.This changeshould removesomecomplexity,as companieswill not be requiredto splitan accountingperiod intotwo notionalperiods toapplythemergedand unmergedschemes.Overall,while the Government hassought to simplify the RD taxreliefs throughthe implementationofa mergedscheme,claimantswillstill needto managecomplex nuances.While large,profitablebusinesses maynot materiallybenefit fromthese changes,loss-making companiesand SMEsmay doso.
3.2Additional taxrelief forRD intensiveloss-making SMEsNotwithstandingthatthe Governmentwillintroduce amergedscheme,some ruleswill remainspecificallyrelevant toSME claimants.For example,loss-making SMEswhich meetthe thresholdto beconsidereda researchand developmentintensive businessRDIB will be ableto claimthe repayabletaxcreditata higherrate of
14.5%,equivalent toup to27p in the pound.The Governmenttodayannounced achange totheRD intensity ratio,which iscalculated basedon qualifyingRDexpenditure as a percentageof totalexpenditure.Businesses with anRDintensity ratioof atleast30%previously40%will beeligibleforthe additionalrelief.A graceperiod willapply toprovide morecertainty forcompanies whofall under the RDIBthreshold,allowing themto maintaintheir statusfor twoconsecutive periods.For RDIBs,a claimforqualifyingexpenditure incurredfrom1April2023can bemade oncethe AutumnFinanceBill2023has receivedRoyal Assent.The reductionintheRDintensityratio andthe graceperiodwill comeinto effectforaccountingperiods beginningon orafter1April
2024.
3.3Investment Zonesand FreeportsThe Governmenthas announced plansto extend the Investment Zones programmeoriginally announcedatthe SpringBudget2023,from fiveto tenyears.The measureswill thereforeextendthebenefitsavailable inEnglish Freeportsup to30September2031,and willdouble thefunding andtax reliefsavailable in eachInvestmentZonefrom£80million to£160million overthe durationof theprogramme.The Governmenthopes thatby extendingthe durationoftheprogramme,they will provide greatercertaintyto investors.Four newInvestment Zoneswere announcedin England,in GreaterManchester,the WestMidlands,theEast Midlands,and Wrexham.Investment Zonesacross theUK werefirst introducedwiththegoal ofsupporting high-growth,strategicindustries inareas inneed oflevelling-up toincrease productivityand growth.The incentivesin eachZoneinclude enhancedrates ofStructures andBuildings Allowances;Stamp DutyLand Taxrelief;Business Ratesrelief;and EmployerNationalInsuranceContributions relief,alongside flexiblegrantfunding.The Governmentalso announcedthat itwas extendingthe durationofthetaxreliefsavailable inFreeportsfrom fiveto tenyears tomaximise theprogrammes impact,and iscreating anew£150millionInvestment OpportunityFund,which will be availableover fiveyears toensure thatInvestment ZonesandFreeports canrespond nimblyas investmentopportunities arise.
4.Industry specificmeasures
4.1Creative Industriesand Audio-Visual taxreliefIn SpringBudget2023,the Governmentannounced anew Audio-Visual ExpenditureCredit,which willoffera34%refundable taxcredit forfilm andhigh-end TV production.This replacesa numberofpreviously separatereliefs.TheGovernmentannounced atAutumn Statementthat itwill seekto furtherboost theinternationalcompetitiveness oftax incentivesby consultingwith stakeholderswithaview toincreasing thegenerosityof thisscheme forvisual effectsexpenditure fromApril
2025.As previouslyannounced,uplifted relieffor animatedTVproductionwillbe extended toincludeanimated featurefilms,which willbenefit froma5%uplift up to39%in reliefundertheAudio-VisualExpenditure Credit,along withchildrens TV.Separately,as announced,the Video Games TaxRelief willbe replacedbytheVideoGamesExpenditureCredit,also ata rate of34%.The newreliefs willbe availableto claimfrom1January2024,andthe Governmentintendsthat theywillconstitute QualifiedRefundable TaxCredits forthe purposesofPillar2legislation.
4.2Investment forother sectorsTheGovernment continueda recenttrend ofannouncing targetedmeasures designedto incentiviseinvestmentin specificindustries andsectors that are consideredtobeimportant tothe futuresuccess oftheUK economy.At AutumnStatement,this includedfunding of£
4.5bn tohelp unlockprivate investmentin strategicmanufacturingsectors,over afive-year periodstarting in2025-26,including theUKs spacesector,lifesciences,green industries,and aerospace,withanadditional£500million infunding forcompute forAlover thenext twofinancial years.
5.Employment taxesand NationalInsurance
5.1Changes toClass1employee NICsTheGovernmenthas announcedthatitwillcut themain rateof Class1employee NationalInsuranceContributions NICsfrom12%to10%.This willprovide ataxcutfor27million employeeswith theaverageworker on£35,400receiving ataxcutin2024-25of£
450.Following thechange,the combinedrateofUKincome taxand NICs for anemployee payingthe basicrateoftax isnow30%-the lowestsincethe1980s.The changewill takeeffect from6January2024,giving employersand theirpayroll providerslimitedtime toadminister thechanges part-way throughtheUKincome taxyear.
5.2Reform ofself-employed NICsInan announcementwhich willgrab theheadlines forthe self-employed,theGovernmentannouncedthat Class2NICsforthe self-employed willbe abolishedfrom6April
2024.This changeis anotherexampleoftheGovernment seekingtosimplifyareas oftheUKtax systemintheannouncements.TheGovernmentwill setout nextsteps onhow toimplement thisClass2reform inthe newyear.The mainrateofClass4self-employed NICswill alsobe reducedfrom9%to8%from6April
2024.This isexpectedto benefitaround2million UKindividuals.
5.3IR35Following consultation,theGovernmenthasannouncedthat businessesthataresubjecttothe IR35rules asa deemedemployer willbe permittedto off-set certaintaxes paidin relationto thearrangementfrom anyPAYE obligationsowed inrespect ofa deemedemployer liability.Off-set will notbeavailableinrelationtoemployer NICspaid byany personalservice companiesPSCson salarypaid tothe worker,or forincome taxor NICpaid byany otheremployees,directors,orshareholders ofthe PSC.The changeswillprovidewelcome reliefto anypublic sectoror medium/large privateorganisations withoff-payroll workerswho arefound tohave beenincorrectly determinedas self-employed.Legislation willbe enactedin AutumnFinanceBill2023to takeeffectfrom6April2024,and willapply todeemeddirect paymentsmade from6April2017,where settlementhas notalready beenreached.
6.Other taxmeasures
6.1Business ratesTheGovernmenthasannounced furtherbusiness ratebenefits toboth smallbusinesses andthose intheretail,hospitality,and leisureindustries.Specifically,theGovernmentannouncedthatthe smallbusiness multiplierin Englandwillbefrozen forafourth consecutiveyear at
49.9p.Larger businesseswillnotbenefit fromthis announcement,as thestandardmultiplier forlarger businesswillbeuprated inline withinflation to
54.6p.The current75%relief availablefor eligibleRetail,Hospitality andLeisure RHL properties willbeextendedfor taxyear2024-
25.RHLpropertiesin Englandwillbeeligible toreceive supportuptoa cashcap of£110,000per business.
6.2Promoters oftax avoidance schemesThe Governmentis legislatingto introducetougher consequencesfor promotersoftax avoidanceschemes.Themeasures willincludeanew criminaloffence forpromoters whocontinue topromote taxavoidance afterhavingreceived anotice tostop,as wellasanew powerthat willenable HMRCtoapplytothecourt todisqualify directorsofcompanies involvedin promotingtaxavoidance.AuthorsReading-Christie BuckReading-Andrew SurrellTel:+442073035135Tel:+441183222525Tel:+441183222021Email:andavidson@deloitte.co.ukReading-Jonny TathamEmail:cbuck@deloitte.co.uk Email:asurrell@deloitte.co.ukTel:+441183222951Email:jptatham@deloitte.co.ukContactsTax Policy-Amanda TickelLondon-Sarah HeseltonTel:+442073033812Tel:+441727885833Manchester-Stephen NuttallEmail:ajtickel@deloitte.co.ukEmail:sheselton@deloitte.co.ukTel:+441614558573Email:stephennuttall@deloitte.co.ukLondon-Geoff BrandLondon-Simon CooperTel:+442070072251Tel:+442070070982Gatwick-Tim MatthewsEmail:geoffreybrand@deloitte.co.ukEmail:sjcooper@deloitte.co.ukTel:+441293761298Email:timatthews@deloitte.co.ukLondon-Zubin PatelLeeds-Nick MarsdenTel:+442070071293Tel:+441132921588Bristol-Adam PowellEmail:zpatel@deloitte.co.ukEmail:nmarsden@deloitte.co.ukTel:+442070070346Email:apowell@deloitte.co.ukLondon-Matt BathamBirmingham-James BlandTel:+442070072737Tel:+441216955022Glasgow-Douglas ParishEmail:matbatham@deloitte.co.ukEmail:jdbland@deloitte.co.ukTel:+441413045751Email:dfarish@deloitte.co.ukLondon-Mark SaundersonManchester-Andrew WildeTel:+442070077018Tel:+441614558556New York-Fran StewartEmail:marksaunderson@deloitte.co.ukEmail:awilde@deloitte.co.ukTel:+12124367739Email:fstewart@deloitte.comLondon-Anne-Mari DavidsonManchester-Helen ChadwickTel:+441614556034Email:hchadwick@deloitte.co.ukThis publicationhasbeenwritten ingeneral termsand werecommend thatyou obtainprofessional advicebefore actingorrefraining from action onany ofthe contentsof thispublication.Deloitte LLPaccepts noliability forany lossoccasioned toanyperson actingor refrainingfromactionasaresult ofany materialin thispublication.Deloitte LLPisalimited liabilitypartnership registeredin Englandand Waleswith registerednumber OC303675and itsregisteredoffice at1New StreetSquare,London,EC4A3HQ,United Kingdom.Deloitte LLPis theUnited Kingdomaffiliate ofDeloitte NSELLP,a memberfirm ofDeloitte ToucheTohmatsu Limited,a UKprivatecompany limitedby guaranteeDTTL,/.DTTL andeach ofits memberfirms arelegally separateand independententities.DTTL andDeloitte NSELLP donot provideservices toclients.Please seeto learnmore aboutour globalnetwork ofmemberfirms.©2023Deloitte LLP.All rightsreserved.。
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