Chancellor Jeremy Hunt announced today that are relevant to businesses and individuals:
- He will reduce the income threshold in April 2023 at which the 45p rate becomes payable from £150,000 to £125,140. Those in the highest income households will contribute more.
- The annual exempt amount for capital gains tax will be cut from £12,300 to £6,000 from April 2023 and then to £3,000 from April 2024.
- Dividend Allowance Annual Exempt Amount – The government will reduce the Dividend Allowance from £2,000 to £1,000 from April 2023, and to £500 from April 2024,
- Stamp duty cuts will stay in place until March 2025.
- The Autumn Statement maintains the NICs Secondary Threshold for employers at £9,100 until April 2028, the VAT registration threshold at £85,000 for two years from April 2022 and the employment allowance will be retained at £5,000 until March 2026.
- Inheritance tax threshold freeze extended for two years until April 2028.
- People on Universal Credit will be asked to meet with a work coach to increase hours or earnings
- In April, the state pension will increase in line with inflation, an £870 increase.
- Following the recommendations of the independent Low Pay Commission (LPC), the government will increase the NLW for individuals aged 23 and over to £10.42 an hour from 1 April 2023 including:
- the rate for 21-22 year olds, £10.18 an hour
- the rate for 18-20 year olds, £7.49 an hour
- the rate for 16-17 year olds, £5.28 an hour
- the apprentice rate, £5.28 an hour and
- the accommodation offset rate to £9.10 an hour
- First Year Allowance for electric vehicle charge points: extend for a further two years until April 2025.
- The transition from employment and support allowance onto universal credit has been delayed until 2028.
For further info, please visit The Autumn Statement 2022 speech – GOV.UK (www.gov.uk)
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