Medical & Professional Autumn Statement 2023

Investment zones The investment zones programme will be extended from five to ten years. New investment zones have been announced in Greater Manchester, the West Midlands and the East Midlands, with specific focuses. There will also be two investment zones in Wales: in the Cardiff and Newport area and the Wrexham and Flintshire region. Freeport tax reliefs The sunset date for the freeport tax reliefs will be extended to 30 September 2031 for freeports in England, conditional on agreement of delivery plans. For freeports in Scotland and Wales the reliefs will be extended from five to ten years, subject to agreement with the devolved administrations. Making tax digital (MTD) The £30,000 threshold for MTD for income tax self assessment will remain. This means people with gross income from self-employment and property below this threshold will not have to file tax returns using MTD. Foster carers and people unable to get a national insurance number will also be exempt. The government will also simplify the requirements for all taxpayers providing quarterly updates and for taxpayers with more complex affairs, such as landlords with jointlyowned property. An end of period statement will no longer have to be provided. Cash basis The income tax cash basis will be expanded for selfemployed individuals and partnerships from 6 April 2024. The cash basis will become the default method for small businesses and the current turnover, interest and loss relief restrictions will be removed. 9 22 November 2023 ● AUTUMN STATEMENT