We are delighted to make our Tax Tables for 2022/23 available to download, updated to include announcements made in the Autumn Budget and Spending Review on 27 October 2021.
Tax was not the showstopper on the day. When the Chancellor stood up to speak, he was much more focused on ways the government plans to spend, with a raft of costly investment measures to boost Britain’s economic recovery from the pandemic. But spending plans must be paid for.
Key changes for the forthcoming 2022/23 tax year include:
- The rate of tax dividends above the dividend allowance will rise by 1.25 percentage points, as announced in September 2021
- National insurance rates will rise by 1.25 percentage points in 2022/23 as announced in the NHS/social care package launched in September 2021.
- A planned rise in fuel duty has been cancelled.
- Effective immediately, the deadline for reporting and paying CGT after selling UK residential property will increase from 30 days to 60 days after completion.
- From 2023, no business will face higher rates bills for 12 months after making eligible improvements to an occupied property.
- The annual ISA subscription limit will remain at £20,000.
- The temporary £1 million level of the annual investment allowance will be extended to 31 March 2023.
If you have any questions about the contents of our Tax Tables or how any aspects of your tax and financial planning may be affected by the Budget, please contact us on 0114 266 4432 or [email protected] to discuss them.