Autumn Statement 2022 Headlines

Here are the autumn statement 2022 headlines regarding tax from the chancellor’s statement on 17th November 2022. More details will be added in another blog post.

• Additional 45p rate threshold reduced from £150k to £125k
• Other Personal and NIC allowances frozen until 2028
• Dividend allowance reduced from £2,000 to £1,000 in 2023 then £500 in 2024
• Capital gains tax allowance reduced from £12,300 to £6,000 in 2023 then £3,000 in 2024
• Electric cars will no longer be exempt from vehicle excise duty (car tax)
• Stamp duty thresholds will revert back to previous levels in 2025
• Research and Development Tax Relief reduced
• Windfall tax on energy companies increased from 25% to 35%
• Windfall tax on low-carbon generators of a temporary 45%
• Business rates will be cut.
• Not tax, but the energy price guarantee will be extended until March 2024 but at higher rates. A typical bill would be capped at £2,500 until March 2023, then £3,000 until March 2024.
• Also, the national living wage will increase from £9.50 to £10.42 from April 2023.
• Pensions triple lock protected and the pension and pension credits rates will increase 10.1%.