Autumn Statement 2022

The Chancellor Jeremy Hunt presented his autumn statement on 17th November 2022. Some of the key highlights include the following:

• Corporation Tax to increase.
• Dividend taxation rates to remain, but the Dividend Allowance will decrease from £2,000 to £1,000 in April 2023, and half again the next year.
• Income Tax rates to remain at 20% for the foreseeable future.
• Capital Gains Tax annual exemption amount reduced from £12,300 to £6,000 from April 2023, and to £3,000 the next year.
• Stamp Duty Land Tax threshold increased.
• National Living Wage and National Minimum Wage to rise.
• Energy Profits Levy to rise to 35%, and a temporary 45% Electricity Generator Levy will be imposed.
• Benefits will increase in line with inflation. Households receiving means-tested benefits, pensions, or disability benefits will receive additional cost of living payments.

For full details of the budget please use the following link: Wettone Matthews November 2022 Budget Report