Chancellor, Jeremy Hunt has unveiled the contents of his Autumn Statement today in the House of Commons.
We will be producing a full summary of what was announced in due course, but here are the key points at a glance:
- Household energy price cap extended for one year beyond April but with typical bills capped at £3,000 a year instead of £2,500.
- 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.
- Stamp duty cuts announced in the mini-budget will remain in place, but only until 31 March 2025.
- 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.
- Personal tax thresholds will be maintained at current levels for a further 2 years, until April 2028.
- Introduction of road tax for electric cars, vans and motorcycles from 2025.
- The windfall tax on the profits of oil and gas firms was increased from 25% to 35% and extended until March 2028.
The Chancellor also announced a £13.6 billion package of support for business rates payers in England. To protect businesses from rising inflation, the multiplier will be frozen in 2023/24, while relief for 230,000 businesses in the retail, hospitality and leisure sectors was also increased from 50% to 75% next year.
Keep an eye on our website for a full and detailed summary of the Autumn Statement.
|If you have any questions or need advice on any of the above points coming out of today’s Autumn Statement, please do not hesitate to contact us.