The Autumn 2022 Budget
17/11/2022
Chancellor Jeremy Hunt unveiled his autumn budget today which involved various tax rises and spending cuts to balance Britain’s books and tackle inflation. Here is our summary of some of the key points that will impact you…
Income Tax
The Chancellor has reduced the threshold at which the highest rate of income tax- (45%) is paid from £150,000 to £125,140. In addition, dividend allowance will be cut from £2,000 to £1,000 next year, with a further reduction to £500 from April 2024.
Capital Gains Tax
The annual capital gains tax exemption will reduce from £12,300 to £6,000, and then to £3,000 from April 2024.
Stamp Duty
The stamp duty cuts announced in the mini-budget will remain in place, but only until the 31st March 2025. Under the plans announced in September, no stamp duty will be paid on the first £250,000 of a property and first time buyers do not pay any stamp duty on property up to £425,000.
Pensions
Mr Hunt confirmed that the Government will retain its commitment to the state pension triple lock. As a result, the state pension will increase in line with inflation in April, with a £870 increase.
If you want to find out more about any of these or any other policy changes, please get in touch with your adviser.
