Autumn Budget Changes

Article by Phil

So, what happened in the latest Autumn Budget Statements?

Here’s a summary based on assessment by The FT Adviser.

  • Income tax and personal allowances – no change
  • Dividend tax – as announce in September, the rates of income tax applicable to dividend income will increase by 1.25%. The dividend ordinary rate will be set at 8.75%, the dividend upper rate will be set at 33.75% and the dividend additional rate will be set at 39.35%.
  • Pension Allowances – no changes – Pensions Lifetime Allowance frozen at £1.073m.
  • Capital gains tax – no change
  • Inheritance tax – no changes
  • Corporation tax – increase in rate to 25% after 2023 confirmed.
  • National Insurance contribution – as announced in September, a 1.25 percentage point hike on all workers to help pay for a new health and social care tax.
  • Stamp Duty Land Tax – no changes.

All in all very few changes from the April budget statement, which will be a relief, except for the National Insurance increases already announced.

If you need any further information contact your Financial Adviser.

 

Inheritance Tax Exemptions

Christina Clegg Financial Services highlights some key points about inheritance tax exemptions.

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