Another Autumn Statement increases taxes

The latest fiscal event - arguably the fifth of 2022 - completes the reversal of the tax cutting agenda set by the previous Chancellor. 

The rates of tax are not changing - but thresholds are frozen or reduced quickly increasing liabilities at a time of double digit inflation. 

There are no significant changes announced to ammend key tax reliefs. 

Key Announcements

Income Tax

The previously announced freeze on income tax and inheritance tax thresholds is extend for a furrther period until Aprl 2028

The 45% rate of tax will be retained and the threshoold reduced from £150,000 to £125,140

Dividend allowance to be cut to £1,000 from April 2023 and to £500 in 2024

Capital Gains Tax

The annual exemption will be reduced to £6,000 in April 2023 and then too £3,000 in 2024

Stamp Duty

The higher thresholds for Stamp Duty will be retained