Autumn Statement 2022

• Inheritance tax thresholds will be maintained at their current levels for a further two years until April 2028. These are a nil rate band of £325,000 and a residence nil rate band of £175,000.

In the mini budget in September 2022 some SDLT thresholds were increased. These have not changed meaning that:

• The nil threshold for SDLT remains at £250,000.
• The nil threshold for SDLT for first time buyers also remains at £425,000.
• The value of the property that first time buyers can claim relief against is £625,000.
• The current SDLT thresholds will remain until 31 March 2025.

• The threshold for the additional rate of tax of 45% on income over £150,000 has been lowered to income over £125,140. Since April 2010 for those earning more than £100,000 their personal allowance is reduced by £1 for every £2. The lowering of the threshold to £125,140 is therefore dovetailing the loss of a person's full personal allowance of £12,570 straight into the additional rate of tax.
• Income tax and National Insurance will maintain thresholds set at 2023-24 tax year until April 2028.
• The dividend allowance will be reduced from £2,000 to £1,000 from April 2023 and then to £500 from April 2024.

• The annual exempt amount will be reduced from £12,300 to £6,000 from April 2023, and then to £3,000 from April 2024.
• The Government will uprate the Married Couple’s Allowance and Blind Person’s Allowance by the September CPI figure of 10.1% for the 2023-24 tax year.
• Where spouses or civil partners are in the process of separating, from 2023 they can make no gain and no loss transfers of assets between themselves for up to 3 years following separation. If the assets are subject to a formal divorce agreement, then there will be no restrictions on these transfers.

• The Government has decided not to introduce OST, this was initially put forward as part of the Business Rates reform.

• Additional staff will be employed to enable HMRC to deal with more cases of serious tax fraud and address tax compliance risks among wealthy taxpayers.