Autumn Statement – key points

Autumn Statement

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.

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