Spring Budget 2023: Capital Taxes

Capital gains tax (CGT) rates No changes to the current rates of CGT have been announced. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains, mainly chargeable gains on residential properties, with the exception of any element that qualifies for Private Resid… Continue Reading

Spring Budget 2023: Other Matters

Back to work Major themes in the Budget were getting people to enter work, increase their working hours and extend their working lives. These include numerous proposals detailed below. Childcare Working parents in England will be able to access 30 hours of free childcare per week, for 38 weeks of the year, from when their child is nine-months old to when they start school. This will… Continue Reading

The Autumn Statement 2022: Energy

The Autumn Statement sets out reforms to ensure businesses in the energy sector who are making extraordinary profits contribute more. From 1 January 2023, the Energy Profits Levy will be increased to 35% and extended to the end of March 2028 and a new, temporary 45% Electricity Generator Levy will be applied on the extraordinary returns being made by electricity generators. The E… Continue Reading

The Autumn Statement 2022: Welfare, work and pensions

Cost of living payments

The government will provide households on means-tested benefits with an additional £900 cost of living payment in 2023/24. Pensioner households will receive an additional £300 and individuals on disability benefits will receive an additional £150.

Uprating of benefits

The government will increase benefits in line with inflation, including the stat… Continue Reading

The Autumn Statement 2022: Vehicles

The government will set the rates for the taxation of company car benefits until April 2028 to provide long term certainty for taxpayers and industry. Rates will continue to incentivise the take up of electric vehicles. In addition, from 6 April 2023 car and van fuel benefits and the van benefit charge will increase in line with inflation. … Continue Reading

The Autumn Statement 2022: VAT

The VAT registration and deregistration thresholds will not change for a further period of two years from 1 April 2024, staying at £85,000 and £83,000 respectively. … Continue Reading

The Autumn Statement 2022: Business

Corporation tax rates

It had been previously announced that the expected increase in the rate of corporation tax for many companies from April 2023 to 25% would not go ahead. However the government announced on 14 October 2022 that this increase will now proceed and this has been confirmed. This means that, from April 2023, the rate will increase to 25% for companies with profits ov… Continue Reading

The Autumn Statement 2022: Land Transaction Tax

The Welsh government also altered its rates in relation to land and buildings in Wales for transactions with an effective date on or after 10 October 2022. Higher rates may be payable where further residential properties are acquired.… Continue Reading

The Autumn Statement 2022: Stamp Duty Land Tax

A number of changes were made to the Stamp Duty Land Tax (SDLT) regime earlier this year and these remain. Generally, the changes increase the amount that a purchaser can pay for residential property before they become liable for SDLT. The residential nil rate tax threshold increased from £125,000 to £250,000. The nil rate threshold for First Time Buyers’ Relief increased from £3… Continue Reading

The Autumn Statement 2022: Inheritance tax

The inheritance tax nil-rate bands are already set at current levels until April 2026 and will stay fixed at these levels for a further two years until April 2028. The nil-rate band will continue at £325,000, the residence nil-rate band will continue at £175,000 and the residence nil-rate band taper will continue to start at £2 million.… Continue Reading