Against a backdrop of rising inflation and economic recession, Chancellor Jeremy Hunt presented his first Autumn Statement on Thursday 17 November 2022.
In his Autumn Statement, the Chancellor laid out three core priorities of stability, growth and public services. The government are seeking a balanced path to support the economy and return to growth, through a combination of public spending restraints and tax rises.
The Chancellor announced a reduction in the additional rate income tax threshold from £150,000 to £125,140, along with reductions in the annual dividend allowance and Capital Gains Tax annual exempt amount over the coming years. He further confirmed that the pensions triple lock is to be protected, meaning the state pension will rise in line with inflation in April 2023.
For companies, he confirmed the proposed increase in Corporation Tax to 25%, which will come into effect from April 2023.
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