Main Personal Tax Announcements

A quick overview of the changes to personal taxes in todays announcement.

No change to income tax or NIC thresholds - More people will be dragged into hightax bands therefore paying more tax.

Threshold for 45% tax rate reduced from £150,000 to £125,140 - Same here more will now pay the higher tax.

CGT allowance to be reduced from £12,300 to £6,000 in 2023/24 and £3,000 in 2024/25 - This is a big one far more will be collected by HMRC in CGT over the next 2 years and beyond, the allowance is now just one step away from being abolished all together.

Dividend allowance to be reduced from £2,000 to £1,000 in 2023/24 and £500 in 2024/25 - More taxes will be collected from your investments!

Electric Vehicles to be taxed as a benefit from 2025 - Quite envitable you could say as electric car sales increase revenue for this duty is decreasing.

State Pension to increase by 10.1% - Good news if you’re a pensioner.

In all it means we will all be paying considerably more in taxes.

Watch out for our full analysis being released tomorrow.

305 views0 comments

Recent Posts

See All

The Liberal politician Joseph Chamberlain is recorded in 1886 as having said: ‘In politics, there is no use in looking beyond the next fortnight.’ It is just over 3 weeks since Kwarteng’s mini budget.