Autumn Budget 2024 - PwC comments on overall tax changes

Claire Blackburn, Head of Tax, PwC UK

“The Budget has been a concoction of sweet and sour for individuals and businesses. There’s relief that, in line with their manifesto promises, personal tax increases have been targeted at assets and in limiting reliefs while businesses will welcome the stability of the corporate tax roadmap announced today. 

“However the bulk of the overall £40bn in tax rises will land on businesses, making employment more costly and, in combination with the changes and additional measures in the Employment Rights Bill, will have significant impact. Such a significant increase in taxes on business signals a clear direction of travel and this Budget may well prove transformative. 

“To reduce the impact on confidence, these changes and any further changes will need to be implemented strategically so as to not stifle growth, alongside ensuring policy changes are joined up to be done in a way that acknowledges the risks of undermining stability and international competitiveness. Further reassurance from the Chancellor that future changes will be limited would also be welcomed.”