Autumn Statement 2022

The Autumn Statement was delivered by Chancellor Jeremy Hunt on 17 November 2022. The Office of Budget Responsibility (OBR) confirmed that the UK is currently in recession (defined as two consecutive quarters of negative growth). The OBR also forecasts that the UK economy will shrink by 1.4% in 2023, with a return to modest growth in 2024.

Key figures from the Autumn Statement are as follows:

Income Tax

The current personal allowance (£12,570) and higher rate tax threshold (£50,270) will now remain frozen until April 2028 – an extension of 2 years.

The additional rate tax threshold will be reduced from £150,000 to £125,140 from April 2023.

Capital Gains Tax

The annual Capital Gains exemption for individuals will be reduced from £12,300 to £6,000 from April 2023, and to £3,000 from April 2024.

Dividend Tax

The annual Dividend Allowance for individuals will be reduced from £2,000 to £1,000 from April 2023, and to £500 from April 2024.

Tax rates for dividends are unchanged, at 8.75% (basic rate), 33.75% (higher rate) and 39.35% (additional rate).

Personal Savings Allowance

This is unchanged at £1,000 for basic rate taxpayers, £500 for higher rate taxpayers and £0 for additional rate taxpayers.

Inheritance Tax (IHT)

Both the Nil Rate Band (NRB) and Residence NRB will now remain frozen until April 2028 at £325,000 and £175,000 respectively. The rates of tax are also unchanged, with the main death rate staying at 40%.


The 2023/24 annual subscription limits for adult and junior ISAs will remain at £20,000 and £9,000 respectively.

State Pension

After weeks of speculation, it was confirmed that the “triple lock” will be honoured for 2023/24, with state pension increasing by the September CPI figure of 10.1%. This takes the full state pension from the current £185.15 per week to £203.85 per week (approximately £10,600 per year).

It was also confirmed that the Government’s review of state pension age will be published in early 2023.

Please note that tax rates and allowances may differ in Scotland.

This article is for information only and should not be construed as advice or a recommendation. You should always seek independent financial advice prior to taking any action.

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