The third fiscal statement in recent months; the Autumn Statement, was delivered by the government on 17 November 2022, against a backdrop of rising inflation and economic recession.
The Chancellor Jeremy Hunt laid out three core priorities of stability, growth and public services, seeking a balanced path to support the economy, partially through tax rises and public spending restraints, aimed at recouping the nation’s debt and bringing the UK economy back to growth.
Autumn Budget statement updates include:
- Income tax personal allowances thresholds are frozen until 2028
- Higher rate 45% income tax threshold cut from £150,000 to £125,140
- Employers National Insurance Contributions threshold frozen until April 2028
- IHT nil rate bands set to stay fixed until April 2028
- Corporation tax increase to 25% will proceed from April 2023
- Stamp duty cuts to stay in place until March 2025
- Electric vehicle tax to commence from April 2025
- CGT exempt amount to be reduced from £12,300 to £6,000from April 2023 and to £3,000 from April 2024.
To find out more about the highlights and access the complete Autumn Statement guide click the link below.
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If you have any questions relating to any of the announcements covered in this Autumn Statement and how they may impact you and your business, please do not hesitate to contact us by completing the form below or get in touch with one of our tax experts.
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