Professional Adviser summarises ten of the key points from Chancellor Jeremy Hunt’s Autumn Statement, unveiled yesterday (22 November).

National Insurance cuts for both workers on payroll and self-employed

National Insurance will be cut by two percentage points, from 12% to 10%, chancellor Jeremy Hunt said.

The new measure will be implemented from 6 January 2024 “so people can see the benefits in their payslips from the start of the new year”. He added the changes mean someone on an average salary of £35,000 will save more than £450 a year.

Additionally, to boost business growth, Hunt said he would be abolishing the Class 2 National Insurance for self-employed people.

He said: “After careful consideration, we are abolishing Class 2 National Insurance, saving the average self-employed person £192 a year.”

This measure “simplifies” and cuts tax for nearly two million self-employed people in the UK. Meanwhile, veterans will receive “greater National Insurance relief”.

ISA overhaul

The ISA regime will be simplified to make it easier for consumers to invest, as well as expanding the investment opportunities available, such as long-term asset funds and open-ended property funds “with extended notice periods”.

Fractional shares contracts will also be available for purchase through ISAs, the statement revealed that certain fractional share contracts will become “eligible” for the accounts, and further engagement with stakeholders will take place down the line to finalise implementation.

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