On Thursday 17th November 2022, Jeremy Hunt, Chancellor of the Exchequer, put forward his Autumn Statement which focussed on the government’s three priorities of stability, growth and public service
The Announcement involved a mixed package of tax rises and addressing public spending aiming to bring government borrowing under control, tackle inflation and help rebuild the economy.
The Key Announcements made by the Chancellor were as follows:
- The Capital Gains Tax annual exempt amount will be reduced from £12,300 to £6,000 from April 2023 and to £3,000 from April 2024.
- From 6 April 2023, the point at which individuals pay the Additional Rate (45%) will be lowered from £150,000 to £125,140.
- The Dividend Allowance will reduce from £2,000 to £1,000 from April 2023 and to £500 from April 2024. The Dividend Rate will remain at 8.75%/33.75%.
- The planned increase in Corporation Tax for many Companies to 25% from April 2023 will go ahead.
- National Living Wage will increase to £10.42 per hour.
For a full Summary of the Announcements made, please read our Rogers Spencer Autumn Statement Summary 2022.
If you have any questions on the Government announcements and how they will impact you and your business, please do not hesitate to get in touch