UK 2022 Mini Budget

Autumn Budget 2022

 

• Minimum Wage to increase to  £10.47 per hour from April 2023
• The energy price guarantee will last until 2024
• Benefits and State pension to increase by 10.1% plus a cost of living allowance
• Stamp duty increases have been delayed
• Tax threshold to freeze until 2028 except (pass the next election so likely to change)
•     45% threshold which will be lowered from £150k to 125k

Tax-free Dividends are reduced to £1k from £2k

Capital Gains tax threshold down to £6k

 

National Insurance & Inheritance tax Frozen

Further announcements in today’s budget include that the national insurance and inheritance tax thresholds would remain unchanged for an additional two years, until April 2028, while the £150,000 top income tax rate level will be reduced to £125,140.

As well as retaining the pension triple lock and hiking the state pension to £871 to keep up with inflation, Hunt also promised a rise to the pension credit of 10.1 per cent.