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What to expect from the UK’s Autumn Statement

As we count down the days to this year’s UK Autumn Statement speculation continues

to grow about what Chancellor Jeremy Hunt will say in the House of Commons on

Wednesday 22 November. While personal tax cuts are unlikely due to fears of fuelling

inflation, slightly improved public finances mean that the Chancellor has an opportunity

to fund certain tax initiatives and spending. We break down what this means


What is the Autumn Statement and how does it affect my finances?

The UK Autumn Statement is when the Chancellor announces the government’s plans

for the economy to the House of Commons and the public based on the latest forecasts

from the Office for Budget Responsibility. It essentially includes an update on the state

of the country’s finances, including everything from wages, public services and benefits

to tax and spending, and it has a direct influence on the household budgets of millions

of people both in the country and investing from afar.

What is Stamp Duty Land Tax?

Stamp Duty Land Tax is a property tax paid by someone who purchases property or

land in England or Northern Ireland, and is based on the sum paid for the property or

land. Stamp Duty is charged at 5% between properties of £250,000 and £925,000,

starts at £425,000 for first-time buyers, and rises to 12% for properties exceeding £1.5


While tax cuts are unlikely in the Autumn Statement there is widespread speculation

that the Chancellor will increase the Stamp Duty threshold to stimulate a slowing UK

property market and support UK housing prices, similar to how changes were

implemented to help sustain the market during the Covid pandemic. If the Stamp Duty

thresholds are to be lifted as expected, it will mark an exciting opportunity for potential

buyers and investors looking to make a move in the UK property market.

What is UK Inheritance tax?

Another rumoured change on the way is that of the UK Inheritance Tax, despite the

Chancellor warning the public against tax cut expectations. Inheritance Tax is

essentially a tax on the estate of someone who has passed away and includes property, possessions and money. The standard Inheritance Tax rate is 40% but is only charged

above the tax-free threshold of an estate, which is currently £325,000, with an extra

£175,000 allowance towards a main property residence if it is passed to the children or

grandchildren of the deceased person. A married couple can share this allowance

between the two of them, meaning that they can pass on £1 million to their children

without any tax if they have planned their wills jointly and own the home together.

This anticipated ease on the tax would be good news for children and grandchildren of

those with estates as beneficiaries are the ones responsible for it.

What does this mean for me?

If these rumours prove to be true those looking to benefit from UK property and estates

could be given a window of opportunity not to be missed in the next few months. The

Chancellor had been expected to wait until the Spring Budget in March to introduce tax

cuts, but worse than expected growth projections allegedly encouraged him to

reconsider them for the Autumn Statement. With the UK economy largely expected to

suffer negative growth in the first quarter of next year, inflation predicted to rise, and the

Bank of England warning of potential recession in 2024, this window of opportunity

might be shorter than expected, making now the time to act on planned property

purchases and investments.

For those seeking any advice on all things UK property and investment related,

particularly with the exciting opportunities expected from the Autumn Statement, Tailor

My Property has an expert network of property, mortgage and finance professionals

who are able to advise and assist with a wide range of specialist queries.


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