UK Chancellor, Jeremy Hunt has delivered his Autumn Statement and stated UK “is now in recession”. The Treasury’s intention is to bring stability, protect growth in the economy and to continue to support public services.
Key points from the Autumn Statement 2022
Here is a round up of the key points from the Autumn Statement 2022.
Earning thresholds
From 6 April 2023, the earnings threshold for the 45p additional rate payers reduces from £150,000 to £125,140 – the additional rate itself remains the same – no rise in income taxes.
All remaining Income Tax thresholds and allowances will remain static for an additional two years until 2028.
The Dividend Allowance
Dividend allowance is reducing from £2,000 to £1,000 in 23/24 and to £500 in 24/25.
Capital Gains Tax Allowance Reduction
CGT Tax free allowances to reduce from the current £12,400 to £6,000 in the 2023/24 tax year and down to £3,000 in the 2024/25 tax year.
National Insurance (NI)
The Autumn Statement confirmed that NI thresholds will be maintained at the current level for 2 years more than previously planned and will remain in place until April 2028.
National Living Wage set to increase
The National Living Wage (NLW) will increase from £9.50 to £10.42 in April 2023.
Downloadable Autumn Statement 2022 in more detail
Take a look at our round up of the Autumn Statements here or download to your device below.
If you would like advice on corporation or personal Tax or any other aspect of tax planning or trust registration, please do contact us – the HB team is here to help with all your tax, cash flow, MTD VAT, and accounting questions and can help you make your money work harder for you and your business. If you would like to talk about how we can help you and your business, please feel free to contact the team on 01992 444466.
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances, and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above
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