Autumn Statement 2022 
 
We are delighted to share with you our budget report that we prepared for our clients following last week’s Autumn Statement. 
With various changes and u-turns announced over the past couple of months, although we don’t like all of the proposals we hope that there is some certainty found from this, which will help to give individuals and businesses the opportunity to plan and take action from the impact of these changes. 
 
Our report covers off the key changes announced along with a reminder of what stays from previous announcements made. Some of the headline changes that were announced in this latest statement were: 
 
An extension to the period that tax rate bands will be frozen at current levels, taking most of these through to April 2028 
A drop in the threshold on which the additional rate band of income tax comes into effect, dropping from income of over £150,000 down to £125,140 
A cutting of the annual exempt amount for capital gains over the next couple of tax years reducing the tax free allowance down from £12,300 to an eventual rate of £3,000 
VAT registration threshold frozen at £85,000 for two more years, to 31st March 2026 
A cutting of tax free dividend allowance from £2,000 down to £500 over the next couple of tax years 
Increases to the national living and minimum wages from April 2023 
A commitment to further investment into HMRC investigation teams 
A reform to Research and Development (R+D) tax reliefs 
Transitional relief available to businesses with premises subject to business rates. 
An increase to the Energy Price Guarantee (EPG) to £3,000 up from the current level of £2,500 – from April 2023. 
An increase to the benefit in kind rates for Electric cars from the 2025/26 tax year 
 
Read in full here – Autumn Statement 2022 - Our Analysis 
 
We’ll be working through these with our clients in terms of what it means to their individual circumstances. 
 
If you are unsure of how these changes effect you or want assistance in quantifying any impact, then reach out to one of the team at RiverView Portfolio. 
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