A host of tax cuts are expected to be announced by Chancellor Jeremy Hunt in his Autumn Statement tomorrow (22 November) lunchtime. The fiscal statement will set out the Government’s tax and spending plans for the coming months.
Announcements will span all departments and industries, with the impact on households firmly under the spotlight. It is expected that an update will be given on full expensing, the current terms of which run up to FY 2025/26.
Full expensing of capital investments is a tax policy that allows businesses to immediately deduct the entire cost of certain capital investments from their taxable income in the year the investment was made. The current terms exclude rental or leased assets, an exclusion the BVRLA has been pushing to see addressed in recent years.
A full update will be shared with members tomorrow afternoon, with details on what any changes mean for members and any next steps to be taken by the association. Email [email protected] with any questions.
Hot on the heels of the Autumn Statement, leading economist David Smith will give a keynote address as part of the Industry Outlook Conference. Smith was a popular speaker at the 2022 event and will return to update delegates on the UK’s key economic indicators going into 2024.
The speech will look at what is going on with inflation, employment, interest rates, business and consumer confidence, tax burden, government borrowing and deficit, making global comparisons for added context.
This year’s event will take place on Wednesday 6 December at the British Motor Museum in Gaydon, Warwickshire. It is aimed at all BVRLA members, operating every type of vehicle and business model.
