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.

Searching for "financial advisors near me" , we offer practical and relevant solutions to help you meet your financial objectives. Why not find out how we can help, call on 01282 614444 or drop us an e mail to enquiries@ccfps.co.uk

Awards and Accreditations

Pension Transfer Gold Standard
Investment-Planner
Financial Vulnerability Taskforce
VF 23
Vouched For 2022
Vouched For 2021
Vouched For 2020
Vouched For 2019
Vouched For 2018
Vouched For 2017
Vouched For 2016
Vouched For 2015
Vouched For 2014

I would like to thank you all for the advice financial advice given to myself regarding my pension, especially Adele.

Mr O

Adele was wonderful! She explained everything and made us feel at ease at all times. It was wonderful to deal with her.

Mr & Mrs C

Highly recommended to friends and relatives. Contacting Christina was the best thing we ever did. We wouldn’t be in the financial position that we are, without her.

Mr & Mrs L