Autumn Budget 2022

Here's a quick summery of the Autumn 2022 Budget.

Personal Tax

• From April 2023 the rate at which people pay the additional rate of income tax, charged at 45%, will change from £150k to those earning over £125,140.

• Personal tax and national insurance thresholds will be maintained at current levels for a further 2 years, until April 2028 to strengthen public finances. 

• The tax free dividend allowance will be reduced to £1,000 in 2023-24, and then to £500 in 2024-25.

• To restore public finances and make the tax system fairer, tax free allowance for capital gains will reduce in 2023--24 from £12,300 to 6,000 and again to 3,000 in 2024-25.  

Electric Cars

• The shift to Electric Vehicles is continuing at pace as the UK moves to net zero.    Therefore from 2025, road tax will be introduced for EVs so all motorists begin to pay a fair share.  

Stamp Duty

• Stamp Duty cuts announced in the Growth Plan will now be time-limited, ending on 31 March 2025. 

Business rates

• The government is providing a £13.6bn package of business rates support, to help businesses through these tough times.