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Autumn Statement November 2022

Today’s statement feels like a full budget. With inflation at 11.1% and a recession confirmed, Mr Hunt

restated that as Chancellor he seeks stability, growth and to protect public services. In his quest to do

so he has made significant tax changes.


Tax -

  • Income Tax – all personal allowances have been frozen until April 2028.

  • The basic and higher rate thresholds for income tax will remain but the additional rate threshold where 45% tax is payable will be reduced to £125,140 from April 2023.

  • Dividend Allowance –will be reduced from £2,000 to £1,000 in April 2023 and to £500 the following year.

  • State Pension – The Triple lock has been maintained and the pension will be increased by £870 p.a. from April 2023.

  • Capital Gains Tax – the annual exemption will be reduced from £12,300 to £6,000 in April 2023 and again to £3,000 in April 2024.

  • Inheritance Tax – the allowance remains £325,000.

SDLT – the changes to SDLT will remain in force until March 2025 with the housing market expected to fall next year.

ATED – the Annual Tax on Enveloped Dwellings charges will be increased by 10.1% in April


Energy – The energy price guarantee will remain in place until April 2023. From that date it

will rise to £3,000. Support will be provided to assist the most vulnerable in society.


Corporation Tax – The planned increase in Corporation Tax to 25% (for companies with

profits over £250,000) will go ahead from April.

Energy Profits Levy ‐ the levy on windfall profits will be increased from 25% to 35% until

March 2028. A new temporary Electricity Generator Levy of 45% will be introduced from

January 2023.

17 November 2022


If you require assistance in relation to the above and/or would like to discuss anything further, please do not hesitate to contact or your usual A.C.T. contact.



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