On 17 November 2022, the government undertook the third fiscal statement against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, partially through public spending restraint and partially through tax rises.
Key tax announcements include, a number of threshold and allowances measures, energy levy changes, changes to R&D tax reliefs, and a package of reforms to business rates.
In the full Autumn Statement below we cover the following changes and updates you can expect to see and how they may affect you as an individual or business:
- Income Tax Rates
- Income Tax Allowances
- National Insurance Contributions
- Capital Gains
- Inheritance Tax
- Stamp Duty Land Tax
- Land Transaction Tax
- Corporation Tax Rates
- Capital Allowances
- Welfare, work and pensions
If you have any questions or concerns regarding the Autumn Statement, please do not hesitate to get in touch with our team.