UK Government Autumn Statement

The Chancellor has announced his Autumn Statement, some key points below:

• The threshold at which higher earners start to pay the 45p rate will be reduced from £150,000 to £125,140, while Income Tax, Inheritance Tax and National Insurance thresholds will be frozen for a further two years until April 2028. 
• The Energy Price Guarantee will continue to provide support from April 2023 with the cap rising to £3,000. 
• The National Living Wage will be increased by 9.7% to £10.42 an hour.
• The threshold for employer National Insurance contributions will be fixed until April 2028, but the Employment Allowance will continue to protect 40% of businesses from paying any NICS at all.
• The main rate of Corporation Tax will increase to 25% from April 2023.

For further information please select the following links:

• Chancellor delivers plan for stability, growth and public services - GOV.UK (www.gov.uk)
• Autumn Statement 2022: documents - GOV.UK (www.gov.uk)