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Autumn Statement 2022 - Key points

Updated: Feb 15, 2023

Following yesterday’s Autumn Statement speech of the chancellor Jeremy Hunt, there are some tax announcements made which soon will be introduced in the Finance Bill for legislation. These include:

- Income Tax and National Insurance contributions thresholds fixed at their current rates until April 2028.

- National Minimum Wage increasing to £10.42 for individuals aged over 23 from April 2023. Higher national minimum rates also for younger individuals and apprentice.

- Income Tax additional rate threshold lowered from £150,000 to £125,140 from 6‌‌‌ ‌‌April 2023.

- National Insurance contributions secondary threshold fixed at £9,100 from April 2023 until April 2028.

- NI allowance for employers the same at the current £5,000.

- Dividend Allowance reduction from £2,000 to £1,000 from April 2023, and to £500 from April 2024

- Capital Gains Tax Annual Exempt Amount reduction from £12,300 to £6,000 from April 2023 and to £3,000 from April 2024.

- VAT registration threshold maintained at the current level of £85,000 until 2026.

- Corporation Tax rate confirmed with increase to 25% from April 2023 (current rate of 19% stays for companies with profits up to £50,000, higher rate subject to company profits).

To find out more and check how changes will affect you, contact us .

Make sure to follow us and turn notifications on, as we will share other important changes (including household support, road tax and stamp duty land tax) in the next few days.


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