Today the 17th of November 2022, the UK Chancellor Jeremy Hunt unveiled his Autumn Statement in the House of Commons.
The Chancellor has outlined plans designed to tackle rising prices and restore the UK's credibility with international markets.
He highlighted that the Government‘s priorities are stability, growth, and public services.
Please find below a summary of the main tax measures that have been announced:
- The income threshold at which the 45% rate of tax becomes payable will be reduced from £150,000 to £125,140 from April 2023;
- Income tax personal allowance, higher rate threshold, main national insurance thresholds and the inheritance tax thresholds will remain at current levels until April 2028;
- The dividend allowance will be cut from £2,000 to £1,000 from 2023 and to £500 from April 2024;
- The Annual Exempt Amount for capital gains tax will be cut from £12,300 to £6,000 in 2023 and to £3,000 from April 2024;
- The new Employment Allowance will remain at the higher level of £5,000;
- The Energy Profits Levy will be increased from 25% to 35% from January 1st 2023 until March 2028;
- The threshold at which stamp duty land tax begins to apply in England and Northern Ireland will remain at £250,000 (£425,000 for first time buyers) until 31st March 2025;
If you want to discuss any of these measures in detail please get in touch with a member of our team.