The Autumn budget was held on the 17th November 2022. We are pleased to share our summary of the key announcements in this Autumn budget.
Some of the highlights were:
- The Main National Insurance and inheritance tax thresholds also frozen for further two years, until April 2028
- Tax-free allowances for dividend and capital gains tax are also due to be cut next year and in 2022
- The state pension payments and means-tested and disability benefits to increase by 10.1%, in line with inflation
- Apart from in Scotland, the top 45% additional rate of income tax will be paid on earnings over £125,140, instead of £150,000
- Local councils in England will be able to increase council tax up to 5% a year without a local vote, instead of the current 3%
- Windfall tax on profits of oil and gas firms increased from 25% to 35% and will be extended until March 2028
- Household energy price cap extended for one year beyond April, however, typical bills will be capped at £3,000 a year instead of £2,500
- £300 payments to pensioner households, and £150 for individuals on disability benefit.
Autumn Budget Overview 2022