Guide to the Autumn Budget Statement 2022

Guide to the Autumn Budget Statement 2022​

Analysis of the key tax changes and outlining the practical implications for you, your family and your business.

The Chancellor of the Exchequer, Jeremy Hunt, delivered on Thursday 17 November the Autumn Statement 2022. Mr Hunt outlined his plans at a time of significant economic challenge for the UK and the global economy as he attempts to fill the black hole in the government’s finances.

The chancellor says his priorities are stability, growth and public services, and he is providing “fair solutions” despite taking “difficult decisions.” Economic stability, Mr Hunt announced, relies on fiscal sustainability – and the Autumn Statement sets out the government’s plan to ensure that national debt falls as a proportion of the economy over the medium term. By reducing debt servicing costs and leaving more money to invest in public services, supporting the Bank of England’s action to control inflation, and giving businesses the stability and confidence they need to invest and grow in the UK, Mr Hunt said this is a “very balanced package,” insisting that decisions were made in a “fair way.” The chancellor says the government’s approach to delivering fiscal sustainability is underpinned by fairness, with those on the highest incomes and making the highest profits paying a larger share.

The Autumn Statement reduces the income tax additional rate threshold from £150,000 to £125,140, increasing taxes for those on high incomes. Income tax, national insurance and inheritance tax thresholds will be maintained at their current levels for a further two years, to April 2028. The government will also reduce the Dividend Allowance and Capital Gains Tax Annual Exempt Amount. The chancellor announced that businesses must also pay their fair share. The Autumn Statement fixes the National Insurance Secondary Threshold at £9,100 until April 2028. Reforms have also been set out to ensure businesses in the energy sector that are making extraordinary profits contribute more.

The Energy Profits Levy will be increased by 10 percentage points to 35% and extended to the end of March 2028. Mr Hunt commented that the Autumn Statement balanced revenue raising and spending restraint whilst protecting vital public services. He said the Autumn Statement confirms that total departmental spending will grow in real terms at 3.7% a year on average over the current Spending Review period.

In our comprehensive guide, we tell you everything you need to know about the chancellor’s tax rises and spending cuts.

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November December 2022

Welcome to our latest edition.

As the cost of living continues to soar, with inflation reaching a 40-year high, the impact on household finances is taking its toll. But it is essential to try to maintain a savings habit even in the current climate.

On page 10 we look at the impact breaks in pension contributions could mean to savers by missing out on thousands of pounds in future that will mean less income during retirement.

Around half of UK adults (51%) have or know someone who has received a suspicious communication in the last 12 months, according to new research. Most of these cases can be described as ‘phishing scams’ (51%), when a fraudster attempts to imitate a legitimate company or person to secure important information from the victim. On page 09 we provide 10 tips to help avoid financial scams.

Over the past few decades, there has been a growing interest and awareness in investing in companies that take into account environmental, social and governance (ESG) factors. This type of investing – also known as sustainable, responsible or impact investing – aims to generate both financial returns and positive social and environmental impacts. Turn to page 12 to read about the origins of ESG investing dating back to the 1960s.

The rise in the cost of living is affecting millions of people. A third of young adults (18″34) and families with young children are struggling financially, according to new research. One striking aspect is the extent to which grandparents are stepping in with thousands of pounds of support and helping grandchildren with housing deposits in addition to everyday expenses. Read the article on page 06.

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