Few will have been surprised at the contents of Jeremy Hunt’s November Autumn Statement, but the detail confirmed what the febrile reaction to his predecessor’s ’unorthodox’ mini-Budget of September foretold – a strategy of tax increases, and extended tax threshold freezes. The Institute for Fiscal Studies has called it “a new era of high taxation”. Added to double digit inflation, ongoing energy price challenges and the resulting cost of living pressures, the picture feels less than rosy.
It’s not a very Christmassy message, but there are ways to feel more in control as so much of this year has not. Our feature for this winter edition of our newsletter summarises the major changes from the Autumn Statement likely to affect taxpayers and highlights key areas where tax planning ahead of 6 April 2023 could make a real difference. For example, if additional-rate taxpayers delay pension payments until the new tax year they may gain more tax relief than topping up before the deadline. Realising capital gains before next April could also be a wise move as the annual exemption will halve in 2023/24, and then again the following year.
Alongside analysis of the impact of the Autumn Statement, changes in the investment markets and consumer spending habits, our other stories include:
- Retirement now and later
- Untangling NICs developments
- Inheritance gifting – why wait?
