Autumn Statement November 2022– Key points

Income Tax thresholds

Personal Allowance to remain at £12,570 to April 2028.
The Income Tax Additional Rate Threshold (ART) will be lowered to £125,140 from £150,000. At present this ART rate is 45p.
The Higher Rate threshold remains at £50,270.

Dividend Allowance

From April 2023 the allowance reduces from £2,000 to £1,000.
From April 2024 it reduces further to £500.
Since April 2022 dividends are taxed at 8.75% - basic rate, 33.75% - higher rate and 39.35% - additional rate.

Capital Gains Tax (CGT)

From April 2023 the CGT annual exempt amount reduces from £12,300 to £6,000.
From April 2024 it reduces further to £3,000.

National Insurance (NIC)

Class 2 (self-employed) & Class 3 (voluntary contributions) will increase by 10.1% in April 2023:
Class 2 = £3.45 per week
Class 3 = £17.45 per week
All other NICs thresholds will be fixed at their current levels until April 2028.

Stamp Duty Land Tax (SDTL)

The changes made on 23 September 2022 (the Kwasi budget) remain unchanged.
An increase to the nil-rate threshold of Stamp Duty Land Tax from £125,000 to £250,000 for all purchasers of residential property in England and Northern Ireland.
An increased nil-rate threshold paid by first-time buyers from £300,000 to £425,000.
The maximum purchase price for which First Time Buyers’ Relief can be claimed was increased from £500,000 to £625,000.
These SDLT cuts will remain in place until 31 March 2025.