George Osborne has committed to the tax lock, which means the basic higher and additional rates of income tax will not increase above 20%, 40% and 45% for the duration of the current Parliament and his room for manoeuvre on personal taxes is constrained.

Tina Riches, national tax partner at Smith & Williamson, said: ‘Now that a straightforward percentage increase to any of the three main taxes is off-limits, Mr Osborne’s mind needs to focus on enlarging the tax base and other tweaks that will raise revenue. However, continual change causes complexity on top of what is already an opaque and very lengthy tax code.

‘Cuts in reliefs in respect of inheritance tax (IHT), pension contributions and interest on business borrowings could feature high on the Chancellor’s shortlist.’

Riches pointed to growing rumours there could be a drop in IHT relief on business and agricultural property, or possibly a review announced to look at possible changes to CGT rules where assets are passed down generations. In addition, the Chancellor may choose to refine the planned increase in IHT allowance to a potential £1m, including a qualifying family home, which she said would ‘stop the perverse incentive for couples to upsize properties so as to maximise IHT relief when they die’.

Osborne himself has already hinted that tougher action on avoidance is likely, stating earlier this month that he planned’ to seek further savings from avoidance, evasion and imbalances in our tax system’.

Chris Morgan, tax partner at KPMG, said:  ‘So we can expect measures to strengthen HMRC in their fight against criminal activity, changes to legislation where government perceives that existing rules may have been abused and attempts to address any areas where government believes the playing field may need levelling.’

This could include tighter rules on non doms, more information on possible criminal charges for serial non-payers and details of an extension to the Liechtenstein Disclosure Facility which will be less attractive than previous schemes.

Bill Dodwell, tax partner at Deloitte, said: ‘After two full Budgets in 2015 and a lot of change, we hope for less tax content in the third fiscal event of the year. The main business interest will be in the outcome of the business rates review, which was partly foreshadowed by the announcement of greater local devolution. 

‘The change to dividend taxation will increase income tax costs for hundreds of thousands of small businesses, and the Chancellor has anticipated that many will bring forward dividends before April 2016.  We expect new anti-avoidance rules, designed to limit the opportunity to take business returns without paying income tax as salary or dividends.’

The autumn statement is also an opportunity for the Chancellor to provide more detail on some changes which have already been announced in outline.

David Brookes, tax partner at BDO, said: ‘I expect the autumn statement will be putting more meat on the bones of the policies that the Chancellor announced in his summer Budget.  We can expect more detail on tax transparency, business rates, the devolving of power to cities and the apprenticeship levy.’

There is the possibility that Osborne will provide more details of how the UK will be implementing the proposals from the OECD’s Base Erosion and Profit Shifting (BEPS) project.  Some consultations have already been opened including proposals on how the UK’s Patent Box should be modified to comply with BEPS Action 5 and a consultation on the UK’s rules on the deductibility of corporate interest expense, and Osborne may give an indication of the Treasury’s thinking on a new business tax roadmap which is expected to be published in spring 2016.

However, ICAEW is warning that the Chancellor should be wary of introducing additional measures which will impact on business, saying many companies need time to address new summer Budget measures such as the living wage and apprenticeship levy.

Stephen Ibbotson, ICAEW director of business, said: ‘Many of the businesses impacted agree that the reduction in corporation tax can’t offset the negative implications of measures announced in July. By not announcing any more bombshells in the autumn statement, the government has a chance to give businesses the opportunity to plan with confidence for the longer term.’

Morgan predicts the autumn statement may be a chance for Osborne to give an update on the large business compliance consultation that ran from July to October this year.

‘The consultation featured proposals for large companies to be required to publish their tax strategies, to allow greater scrutiny of their tax affairs. Also proposed were a voluntary code of practice on taxation for large businesses, which would set out what HMRC expects from large taxpayers, along with giving HMRC new powers to tackle a small number of companies that persistently engage in “aggressive tax planning” or refuse to engage with HMRC. These measures have provoked lively debate, and it remains to be seen how the government will respond,’ Morgan said.

Other consultations in recent months have covered changes to the treatment of termination payments and IR35, as well as travel and subsistence payments for temporary flexible workers and the rules surrounding personal services companies, all of which may also produce new measures.  There is also expectations of an announcement regarding which cities are included in new devolution plans, which allow for local taxation.

There is no consensus as to whether the autumn statement will include new measures relating to the regime for taxing pensions, which has recently undergone major change, although there may be more details of proposed caps to contributions for higher rate earners.

Matthew Hall, head of tax and partner at Wilkins Kennedy, said: ‘In his last Budget the Chancellor said he would consult on plans that could see pensions “taxed like ISAs”. Commentators have previously remarked that contemporary attempts to encourage people to save for retirement have not been very successful. We may see some insights as to how the financial incentives to save will start to change. But it may be avoided. Walking in the shadows of such drastic recent pension reform, the Chancellor may elect to take more time.’ 

His views are echoed by Chas Roy-Chowdhury, ACCA head of taxation, who said: 'We’ve seen huge changes in pension rules, but the Chancellor needs to appreciate that these changes have created uncertainty, and more of this will put people off investing in private pension schemes and planning for their retirement. We need a commitment from the Chancellor for no more pension changes for the rest of this parliament.’

Rowan Williams, RSM’s UK head of professional services  says any further pension changes could impact succession planning at accounting and other professional services firms, and said: ‘We will also be keeping a close eye on any tax announcements that could impact on partners. Currently, fixed share partners have to pass one of three tests to enable them to be taxed as self-employed. Any moves towards raising this bar so that more than one of these tests must be passed could have a detrimental effect on attracting or promoting partners.’

On Wednesday, the Chancellor will also be detailing spending cuts in order to meet his aim of cutting the deficit completely by the end of this Parliament, and it is anticipated he will be trimming planned changes to the tax credits system.

Morgan said:  ‘Beyond what we know is coming, there are some things we’d like to see included in the autumn statement for employers.  For example, at last year’s autumn statement, the Government confirmed that there would be a post-implementation review of Real Time Information (RIT), under which employers report PAYE data in real time. An active commitment to take this review forward, and to address the problems that remain with RTI, would be welcome.’

Simplification of the complicated rules around how internationally mobile workers are taxed, more flexibility in the  items which may be included on an employer’s PAYE Settlement Agreement (PSA), and steps to offer a holiday from employers’ national insurance payments for the manufacturing sector as a way of encouraging  exports, are on the wish list for many.  

While there was considerable diversity in what commentators want or expect to see in the autumn statement, most were unanimous on one point, namely a desire to hear the Chancellor commit to a simpler tax regime, with Riches calling for a ‘one in two out’ policy in introducing new regulations.

The Autumn Statement and spending review takes place on 25 November at 12.30pm.

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