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Budget Update News

In the past March was always the date for the government’s budget, this now takes place in the Autumn with the correctly titled Spring Statement in March, confirming spending for the coming fiscal year and if necessary, applying a few tweaks.

The covid crisis turned things on their head with a full budget in March 2021, which was followed by the merry-go-round of chancellors in Autumn 2022, we now seem to have returned to the status quo.

The main headlines from today are:

  1. The Pension Annual Allowance (the amount you can pay into a pension) has increased from £40,000 to £60,000.

  2. The Lifetime Pension Allowance (the amount you have in your pension pot without paying an additional tax charge) has been abolished.

  3. The Energy Bill Cap of £2,500 has been extended for a further 3 months to the end of June 2023.

Announcements from Autumn 2022 that will have the largest impact are:

  • The threshold at which the 45% tax rate is paid reducing from £150,000 to £125,140.

  • Dividend allowance reduced from £2,000 in 2022/23 to £1,000 in 2023/24 and £500 in £2024/25.

  • Capital Gains Tax allowance reduced from £12,300 in 2022/23 to £6,000 in 2023/24 and £3,000 in 2024/25.

With the advent of the personal tax allowance & basic rate having been frozen last time around and to be so until 2028 we can expect more people to pay more tax as they are dragged into the higher bands.

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