Autumn Statement 2022

The key announcements from Chancellor, Jeremy Hunt's autumn statement:

• Energy price guarantee will remain at £2,500 per year for average household and it will rise from April 2023 to £3,000 per year.

• Basic rate of income tax will stay at 20%.

• The additional rate threshold (45%) will be decreased from £150,000 to £125,140 from 6 April 2023.

• Corporation tax rate will be increased to 25% for companies with over £250,000 in profits.

• The income tax personal allowance, higher rate threshold, main national insurance thresholds and the inheritance tax thresholds will be fixed to April 2028.

• Dividend Allowance will be lowered from £2,000 to £1,000 next year and then £500 in the following year.

• Capital Gains Tax annual exempt allowance will be cut from £12,300 to £6,000 next year and then to £3,000 from April 2024

• The Employers NICs threshold will be frozen until April 2028 but the employment allowance will be kept at its high level of £5,000.

• The National Living Wage will increase next year by 9.7% and the hourly rate will be £10.42 from April.

• Next year's increase in benefit and pension payments will be tied to inflation, while pension credit will rise by 10.1%.