To continue with the announcements made in the Autumn Statement 2022, today we will focus on the key points for individuals rather than businesses (you can check the changes for businesses in the previous post):
Stamp Duty Land Tax – the increased nil-rate thresholds of SDLT from £125k to £250k for all purchasers of residential property and the increased nil-rate threshold for first time buyers from £300k to £425k will remain in place until 31 March 2025.
The Energy Price Guarantee will be maintained through the winter, limiting energy bills to £2,500 per year. From April 2023 the guarantee will rise to £3,000.
Additional Cost of Living Payment of £900 will be provided to households on certain benefits, of £300 to pensioners, and of £150 to individuals on disability benefits in 2023-24.
Benefit rise including working age benefits and the State Pension, will be in line with inflation from April 2023, ensuring they increase by 10.1%.
Those on Universal Credit will be able to apply for a loan to help with mortgage interest repayments after three months, instead of nine.
From April 2025, electric cars, vans and motorcycles will begin to pay Vehicle Excise Duty (VED), in the same way as petrol and diesel vehicles.
First Year Allowance for electric vehicle chargepoints will be extended to 31 March 2025 for Corporation Tax and 5 April 2025 for Income Tax.
To check the full details go to https://www.gov.uk/.../autumn-statement-2022-documents.
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