Chancellor announces tax increases
What key changes did Chancellor Jeremy Hunt announce in today's Autumn Statement?
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Capital gains tax break for job-related accommodation
You’re in the process of selling a property that you bought as your home but because of your job have never lived in. You’ve been told that you’ll have to pay tax on any gain you make, but might a special relief get you off the hook?
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Should you revoke your 20-year-old option?
Your business has let out a building to a tenant and it is now just over 20 years since you opted to tax the property with HMRC. Should you revoke it so that your tenant no longer needs to pay VAT?
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Chip shop owner fined £40k for hiring illegal worker
A Surrey fish and chip shop owner has been left in shock after being fined £40,000 for allegedly employing someone who didn’t have the right to work in the UK, even though he conducted a right to work check. Where did this employer go wrong and what can you learn from it?

Income tax
The Chancellor was quick to point out that there are no increases to the headline rates of tax. However, this does not mean that individuals won’t pay more income tax, quite the opposite in fact. The threshold at which the 45% rate of income tax kicks in will be reduced from £150,000 to £125,140 from April 2023. The personal allowance will remain at the current level until April 2028. As wages are increasing, albeit at a lower rate than inflation, this means that some low earners will start to pay income tax. The freeze on the threshold at which the 40% rate of tax is paid has also been extended by two years – to 2028. The tax-free dividend allowance will be cut to £1,000 from April 2023 then to £500 the following year.
National Insurance
The employment allowance will remain at the current level of £5,000. The main NI thresholds will also be held at the current level until April 2028.
Capital gains tax (CGT)
There is no change to the CGT rates, but the annual exempt amount will be cut from £12,300 to £6,000 in April 2023, and then to £3,000 the following year.
Other announcements
- The increase in SDLT allowances announced at the mini-Budget will be retained – but only until 31 March 2025.
- The nil rate band which is the amount an individual can leave tax free on death, will be frozen at £325,000 for a further two years – until 2028.
- Electric Vehicles will no longer be exempt from vehicle excise duty from April 2025.
- The Energy profits levy will increase to 35% from 25% and extended from four years to six years.
- National Living wage to increase to £10.42 per hour from 1 April next year.