There were a number of\nchanges, here goes: <\/p>\n\n\n\n
Tax allowances and thresholds will be frozen until April 2028. You can still earn up to \u00a312,570 and not pay any tax and then 20% basic rate tax up to \u00a350,270.<\/li>
The income tax additional rate threshold has been reduced down to \u00a3125,140 from \u00a3150,000. Therefore earnings from: \u00a350,270 to \u00a3100,000 the rate of income tax is 40%, from \u00a3100,000 – \u00a3125,140 the marginal rate goes up to 60% (due to the allowance being removed) and then 45% above \u00a3125,140.<\/li>
The CGT annual exemption will be reduced down to \u00a36,000 from \u00a312,300 from April 2023. It will be reduce down further to \u00a33,000 in April 2024. The rates will stay at 10% and 20% for a basic and higher tax payer accordingly. (18% and 28% for gains on property respectively).<\/li>
The dividend allowance will be halved down to \u00a31,000 from \u00a32,000 in April 2023 and halved again in 2024. The dividend tax rates will remain at 8.75%, 33.75% and 39.35% for basic, higher and additional rate taxpayers respectively.<\/li>
One positive announcement for pensioners is that the triple lock will be maintained guaranteeing a 10.1% CPI-based increase for next April.<\/li>
The changes in National Insurance (NI) that were implemented this year have been scrapped and they are now kept in line with the annual personal allowance of \u00a312,570. Class 1 employees pay: 2% between \u00a39,100 and \u00a312,570, 12% between \u00a312,570 and \u00a350,270. Employers pay 13.8% above \u00a39,100. The lower earnings limit will be frozen at \u00a36,240.<\/li>
Corporation tax will rise to 25% as originally planned in April 2023. 19% for profits below \u00a350,000 and tapering up to \u00a3250,000. The Annual Investment Allowance of \u00a31m has been made permanent. Also allowances for electric vehicle charge points have been extended to 2025.<\/li>
Increases have also been made to the Seed Enterprise Investment Scheme and also to Company Share Options Plans.<\/li>
The government will help out with your energy bills by paying \u00a3400 over the next 6 months (starting with \u00a366 this\u00a0month) directly to your energy supplier.<\/li>
The chancellor kept the changes to Stamp Duty Land Tax. The residential nil rate tax threshold was kept at \u00a3250,000. The threshold for First Time Buyers was increased to \u00a3425,000 from \u00a3300,000, with the maximum increased to \u00a3625,000.\u00a0<\/li><\/ul>\n\n\n\n<\/figure>\n","protected":false},"excerpt":{"rendered":"
There were a number of changes, here goes: Tax allowances and thresholds will be frozen until April 2028. You can still earn up to \u00a312,570 and not pay any tax and then 20% basic rate tax up to \u00a350,270. The income tax additional rate threshold has been reduced down to \u00a3125,140 from \u00a3150,000. Therefore earnings … <\/p>\n
![\"\"\/](\"https:\/\/mcusercontent.com\/0784581011001c9c5e368daef\/images\/20077f1c-32db-6372-d9b0-a55270100c07.png\")
<\/figure>\n","protected":false},"excerpt":{"rendered":"