Vote-winning announcements are always expected from a Chancellor’s Budget in an election year. Despite the stagnant economy and limited fiscal headroom, Jeremy Hunt still announced a few tax cuts and other surprises.
Spring Budget 2024
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Budgets & Chancellor’s Statements
Autumn Statement 2022 – Personal changes
Autumn Statement – Basic-rate income tax remains at 20% “indefinitely”.
Autumn Statement 2022 – Additional-rate income tax
Additional-rate income tax – One of the biggest announcements made by the Chancellor was the lowering of the additional-rate tax threshold from £150,000 a year to £125,140 as of 6 April 2023.
Autumn Statement 2022 – Income tax thresholds
The personal allowance threshold will remain frozen for a further two years, continuing until 2028, along with the higher-rate threshold and the National Insurance contributions (NICs) thresholds.
Autumn Statement 2022 – National insurance
National insurance – In July 2022, NICs thresholds were increased to be brought in line with the income tax personal allowance, and fixed until April 2026.
Autumn Statement 2022 – Capital Gains Tax
Capital Gains Tax cut to the annual exempt amount, over the next two years.
Autumn Statement 2022 – Inheritance Tax
The inheritance tax nil-rate is currently set at £325,000 until April 2026 and will remain at this rate for a further two years until April 2028.
Autumn Statement 2022 – Dividend Allowance
The dividend allowance will be slashed from £2,000 to £1,000 from April 2023 and then again to £500 the following year.
Autumn Statement 2022 – Pension triple lock upheld
the Chancellor confirmed that pensions – like benefits – would rise in line with September’s inflation rate of 10.1%.
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