More people to pay top rate of income tax
The Chancellor says the threshold for when the highest earners start paying the top rate of tax will be brought down from £150,000 to £125,140 and this is effective from April 2023.
“Those earning £150,000 or more will pay just over £1,200 more a year”
The government says about 660,000 people pay the 45% rate of income tax.
Video – Dafferns’ review of the November 2022 Autumn Statement
Martin Gibbs, Brian Jukes and Emily-Ball Goldfinch give their take on a hugely important 2022 Autumn Statement, as new Chancellor Jeremy Hunt attempts to bring the UK out of recession, rebuild the economy and reduce the national debt.
Capital Gains Tax changes
The annual exempt amount for capital gains tax will be cut from £12,300 to £6,000 from April 2023 and then to £3,000 from April 2024.
Individuals should review their investments to consider triggering gains by 5 April 2023 to utilise the £12,300 allowance.
Tax Rates 2022-23
Available as a PDF download, here is our annual tax rates card for the 2022-23 tax year
- Income Tax rates, bands and allowances
- Individual Savings Accounts
- Devolved Income Tax rates – Scotland and Wales
- Capital Gain Tax rates and reliefs
- Inheritance Tax
- Car, van and fuel benefits
- National Insurance
- Selected rates
- Tax reliefs for individuals – EIS, SEIS VCTs
- Corporation Tax
- Capital Allowances
- Value Added Tax
- Property Taxes
Video – Dafferns’ review of the March 2022 Spring Statement
October 2021 Budget Summary
Our Budget summary provides an overview of the key announcements arising from the Chancellor’s speech.
Additionally, throughout the summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.
Don’t forget, we can help to ensure that your accounts are accurate and fully compliant. We can also suggest strategies to minimise your tax liability and maximise your profitability.
If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Budget speech, please do get in touch.