Read our summary below, and see the Autumn Statement documents linked at the end for more information.
Income tax & National Insurance contributions
The threshold at which the 45p rate of tax becomes payable will be lowered from £150,000 to £125,140 from 6 April 2023.
The Income tax Personal allowance, higher rate threshold, and the National Insurance contributions Upper Upper Earnings Limit and Upper Profits Limit will now remain fixed until April 2028.
From April 2023 until April 2028, the government will also fix the level at which employers start paying Class 1 Secondary NIC for their employees at £9,100. The Employment Allowance will remain at its new, higher level of £5,000.
Dividends
The dividend allowance will be reduced from £2,000 to £1,000 from April 2023, and to £500 from April 2024.
Capital Gains & Inheritance taxes
The Capital Gains Tax allowance will be cut from £12,300 to £6,000 from April 2023, and to £3,000 from 2024. The inheritance tax threshold will also remain at its current level until April 2028.
Help with cost of living
The energy support scheme will be extended for another year until April 2024, but will be less generous, with a typical household paying £3,000 per year instead of £2,500.
Rent rises in social rented sector will also be capped at 7% in the next financial year, and there will be targeted support for those on low incomes, disability benefits and pensioners.
The chancellor further confirmed that the National Living Wage will increase from £9.50/hour to £10.42/hour for over 23s from next April. Benefits and pensions will also rise in line with inflation.
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Other announcements included a higher windfall tax for energy firms, the removal of the Vehicle Excise Duty exemption for electric cars from 2025, spending cuts on government departments and increased overall spending on public services, and protection of the health budget.
Stamp duty cuts announced in the mini-budget will now also only remain until the end of March 2025.
Useful links & factsheets
The Budget news story on gov.uk