Autumn Statement 2022 Summary
On 17 November 2022, The Chancellor Jeremy Hunt delivered the Autumn Statement.
Twists and turns
This year is not normal. There have been four Chancellors and three fiscal statements. The challenge following Jeremy Hunt’s first Autumn Statement has been to identify what, if anything, of Kwasi Kwarteng’s proposals survived, as well as understanding the steps he has taken to fill the holes in the government coffers that the ill-fated September ‘Plan for Growth’ helped to create. There has been a great deal of speculation about what Mr Hunt might do, and sometimes an awareness of what has not been said can be important too.
The details and what they mean for you
When the Chancellor sits down, the Government publishes everything on the internet – proposals he hasn’t mentioned; the detail of things he only touched on; and the tables of financial estimates that show what is significant and what is marginal. Our Statement Summary puts together the most important points and explains how they affect businesses and individuals.Read our full Autumn Statement Summary
Significant announcements include:
- Basic rate of income tax to remain at 20%, higher rate at 40% and additional rate at 45% for 2023/24
- Most tax rate bands frozen at current levels until 5 April 2028
- 45% rate will apply to income above £125,140 in 2023/24
- Dividend income and capital gains to be more heavily taxed from 2023/24
- No changes announced to Business Asset Disposal Relief
- No changes announced to pension tax reliefs
- Inheritance tax thresholds also frozen until 5 April 2028
- Corporation tax rate increase to 25% from 1 April 2023 restored
- VAT registration threshold frozen at £85,000 for two more years, to 31 March 2026
- Affirmation of support for the state pension ‘triple lock’ with an inflation-linked increase from April 2023
This Summary covers the key tax changes announced in the Chancellor’s speech and Autumn Statement. It includes tables of the main rates and allowances. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown.
We recommend that you review your financial plans regularly as some aspects of the Statement will not be implemented until later dates.
How we can help
We will review the new proposals to ensure we offer our clients the best advice to help them remain as tax efficient as possible. And our colleagues at Carpenter Box Financial Advisers are always on hand to help manage investments and pensions.
If you would like more detailed one-to-one advice on any of the issues raised in the Budget, please get in touch or give us a call on 01903 234094.