17 November 2022

The current chancellor Jeremy Hunt delivered his Autumn Statement today and was much calmer in comparison to previous chancellors.  He also took advice from the Office of Budget Responsibility, unlike his predecessor, which gave him scope for those “difficult decisions”.

Here are some of the highlights:

  • Income tax free personal allowance frozen until April 2028
  • Income tax basic rate of 20% frozen until April 2028
  • Additional income tax rate of 45% will now start at income of £125,140 (reduced from £150,000) from 6 April 2023.
  • National Insurance and Inheritance Tax threshold frozen until April 2028
  • Tax free dividend allowance of £2,000 reduced to £1,000 and £500 from April 2023 and April 2024 respectively
  • Capital gains annual exemption of £12,300 reduced to £6,000 and £3,000 from April 2023 and April 2024 respectively
  • State pensions, benefits and tax credits will rise by 10.1% in line with inflation
  • Electric vehicles will no longer be exempt from Car Tax from April 2025
  • VAT registration threshold maintain at £85,000 for two years from April 2024
  • Stamp duty land tax cut announced previously to remain in place until 31 March 2025

Overall, more losers than winners, but help is there for those in most need.  Not sure how the markets will react but if you see Del Boy, be sure to ask him.