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  • Stephen Kelly

Autumn 2022 Statement - Key Points

As widely expected and in distinct contrast to the ill fated mini budget, today the current chancellor Jeremy Hunt announced wide ranging increases to UK tax.


The main announcements affecting individuals and small businesses are summarised below, most of which will take effect from 6 April 2023 (2023/2024) :


  • Lowering the threshold of the 45% rate from £150,000 to £125,000

  • Freezing personal allowance thresholds until April 2028

  • The "tax free" Dividend tax allowance will be cut to £1,000 (Then £500 for 2024/2025)

  • Capital gains tax (CGT) annual exemption cut from £12,300 to £6,000 (Then £3,000 2024/2025). It is not yet clear if the CGT reporting threshold normally 4 times the CGT Annual exemption will be lowered.

  • Inheritance tax nil rate bands frozen until 2027/2028

  • Employer’s NI threshold Frozen until April 2028

  • Employers NIC annual Allowance will be retained at £5,000

  • VAT threshold maintained until March 2026

  • R&D relief for SMEs cut to 86% and the credit rate to 10%

  • Stamp Duty Land Tax cut will remain only until March 2025

  • Increasing the national living wage for over 23 year olds to £10.42


There were also significant announcements including a gas and Oil windfall tax, inflation linked state pension increases and confirmation of the fact the UK economy is now officially in recession being a clear sign of tougher times ahead.


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