Key Takeaways From Jeremy Hunt's UK Autumn Statement
November 18, 2022
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0:53Now PlayingKey Takeaways From Jeremy Hunt's UK Autumn Statement
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as posted by the channelThe UK's Chancellor of the Exchequer, #JeremyHunt made the Autumn Statement, outlining the country's economic plan going into the winter. Quicktake's Madis Kabash breaks down the key takeaways.
Less than two months ago, under former Chancellor Kwasi Kwarteng, the government was planning to put more pounds into almost everyone’s pockets, with the top rate of income tax scrapped and the bottom rate cut.
Today, new Chancellor Jeremy Hunt not only made it very clear that those days are gone, but also stamped all over even the faintest hint of aspirations for lowering taxes.
The freeze on virtually all personal tax allowances has been extended from the 2025-26 tax year to 2027-28. The ones he didn’t freeze, he cut. Since the additional rate of income tax was introduced under George Osborne’s chancellorship in 2010, the threshold has remained at £150,000. But from April 2023, the 45% income tax rate kicks in at £125,140. It means that someone making £150,000 will now pay an extra £1,250 a year in tax.
Meanwhile, on the investment side of the ledger, the dividend allowance is being cut from £2,000 to £1,000 next year, and then to £500 from April 2024. And the capital gains tax allowance falls from £12,300, to £6,000 from April 2023, and then to just £3,000 from April 2024.
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