On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession.
The Chancellor laid out three core priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, partially through public spending restraint and partially through tax rises. In our Autumn Statement summary we highlight the key announcements and provide our insights on the potential impacts for you, your family and your business.
Jeremy Hunt’s Autumn Statement demonstrates a stark departure from the announcement of the Mini-Budget, acting as a continuation of some of the measures we saw in the Emergency Statement. Download our full summary of last week’s announcements to understand its implications as the cost-of-living crisis proceeds in full swing.
Our summary covers:
- Personal tax
- Income tax
- National Insurance contributions
- Capital gains
- Inheritance tax
- Stamp Duty Land Tax
- Land Transaction Tax
- Business
- Corporation tax rates
- Capital allowances
- Research and Development
- Seed Enterprise Investment Scheme
- Company Share Option Plan
- VAT
- Vehicles
- Welfare, work and pensions
- Cost of living payments
- Uprating of benefits
- Raising the benefit cap
- National Living Wage and National Minimum Wage uprating
- In-work conditionality for Universal Credit claimants
- Energy
- Energy Profits Levy
Next steps
As always, should you have any questions relating to the Autumn Statement and how it will affect you, please do get in touch.
