Autumn Statement (November): impact on capital allowances

E³ Consulting Managing Director, Alun Oliver recently had his commentary on the Chancellor's Autumn Statement published by Croner-i Tax Weekly.  

This Autumn Statement follows on from the significant changes announced by the previous Chancellor Kwasi Kwarteng in his Growth Budget (September) - an announcement that E³ Consulting coined as a 'tax bonfire' - that somewhat shook the country and ultimately led to the demise of the very short lived Government headed by Liz Truss.

The article focuses on the impact of the Autumn Statement on the current capital allowances regime.

Alun said "The Chancellor’s long-awaited Autumn Statement proved to be a rather static balance between tax increases and spending cuts/savings – though much will operate under ‘fiscal drag’ by frozen thresholds and static spending rather than actual cuts. Smoke and mirrors? I think many are just pleased that it came across as more considered and with a strategy underpinning it – whether or not you agree with that strategy!

"Overall, with a backdrop of huge Government intervention in supporting UK industry through the pandemic, there was always going to be a period in which payback of the exceptional financial commitments that kept so many solvent – was necessary."

Please see the right column for a copy of the full article as published by Croner-i Tax Weekly on 23 November 2022.