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Autumn Statement 2022

In-depth coverage of the main announcements for individuals and businesses

The much-anticipated Autumn Statement, referred to by the Chancellor as a balanced plan for stability, focussed on tackling inflation and supporting the economy on the path to growth. While headline-grabbing changes included a big reduction in the threshold for paying additional rate tax, an increase in the energy windfall tax and a new temporary levy introduced on electricity generators, tax changes revolved around thresholds and allowances. The cuts to the dividend and capital gains tax allowances, along with the cut to the additional rate threshold for income tax, will increase the tax burden on specific taxpayers, but to a limited extent. The more significant revenue raisers will be the freezes to thresholds, dragging many more taxpayers into higher rates as bands remain frozen until 2028. We may have a new Government before then, so it remains to be seen whether or not these freezes will last.

Following a period of uncertainty and U-turns, this Autumn Statement contained few surprises. As the normal cycle of a single Autumn Budget, designed to improve the way that tax policy is made, is still off kilter, we are expecting a Spring Budget in 2023. This may well bring with it more significant tax reform, with further insight into the Government’s direction of policy.

  • Autumn Statement 2022: The big freeze: what do the announcements mean for you?

    There were no changes to the headline rates of income tax, capital gains tax or national insurance contributions (NICs).  Yet the freezing of most tax thresholds and allowances until the end of the 2027/28 tax year, combined with inflationary increases in taxable incomes, will see more taxpayers paying tax at higher rates.

  • Autumn Statement 2022: How the announcements impact businesses

    The Autumn Statement included several announcements impacting businesses, although the majority were largely changes to rates and thresholds rather than significant new measures.

  • Autumn Statement 2022: What does it mean for employers and employees?

    Taxes paid by employees and employers accounts for the majority of Government tax revenues. It is therefore unsurprising to see a number of measures announced today by the Chancellor.

  • Autumn Statement 2022: Business Rates

    Today’s Autumn Statement will provide some short-to-medium term relief for ratepayers seeking certainty while trying to budget for business rates liabilities and plan for the year ahead against the backdrop of a UK recession.

  • Autumn Statement 2022: Businesses in the energy sector contribute more

    From 1 January 2023, the Energy Profits Levy (EPL) rate will rise by 10% to 35%. The investment allowance will be reduced to 29% for all investment expenditure (other than decarbonisation expenditure), broadly maintaining its existing cash value.

  • Autumn Statement 2022: No changes to pensions but they become even more attractive

    While there were no changes to pensions at this year’s Autumn Statement, other changes have made pension allowances and reliefs even more valuable.

  • Autumn statement 2022: Large companies benefit most from R&D changes

    The Chancellor’s Autumn Statement made a number of announcements relating to changes to the existing R&D tax regime. This was a mixture of good news for large companies and not so good news for small and medium-sized enterprises (SMEs).

  • Autumn statement 2022: Restoring the UK's credibility

    Chancellor Jeremy Hunt’s main task in the Autumn Statement was to restore the UK’s reputation for fiscal responsibility.

  • Autumn Statement 2022: Stamp Duty Land Tax

    In Liz Truss’ mini budget on 23 September 2022, it was announced that the starting nil rate band of stamp duty land tax (SDLT) would be doubled to cover the first £250,000 of purchase price, to stimulate the residential property market.

  • Autumn statement 2022: Non-doms breathe easily for now

    Despite recent speculation, the Autumn Statement did not contain any major announcements specifically targeted at non-UK domiciled taxpayers. The UK’s ‘non-dom’ regime remains in the political limelight, however, so changes cannot be ruled out in future.