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.