Autumn Statement News 2022
Here’s a brief overview of today’s Autumn Statement from the Chancellor, Jeremy Hunt:
Personal Tax
- Reduction in the 45p threshold to £125,140 from £150,000 (this will cost Additional Rate Taxpayers £1,250)
- All other allowances and thresholds to remain the same until the end of March 2028 (which means that the main allowance of £12,570 remains the same for all income tax payers)
- Dividend allowance reduces to £1,000 from April 2023, then to £500 from April 2024
- Capital Gains Tax Allowance reduces to £6,000 from April 2023, then to £3,000 from April 2024
- Electric Vehicles Benefit in Kind Tax to increase by 1% every year
- Stamp Duty Tax cuts will end in March 2025
Business Tax
- Employer Allowance for NIC to remain at £5,000
- VAT registration threshold to remain at £85,000
- SME tax relief reduced from 130% to 86%
- R&D tax relief reduced from 14% to 10%
Please do not hesitate to contact us on 01384 376964 if we can give any help or advice on these announcements.
