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Autumn Budget Day Bitesize Summary


Just a quick summary of the key points from the governments budget announcement:

👉 National living wage increases to £9.50 from April 2022

👉 Dividend tax increases from the 2022/23 tax year, increasing by 1.25%

  • Basic rate from 7.5% to 8.25%
  • Higher rate from 32.5% to 33.75%
  • Additional rate from 38.1% to 39.35%

👉 Capital gains tax reporting period has increased from 30 days to 60 days as well as the payment. This comes into effect from the 27th October 2021

👉 Employees and Employers NI increase by 1.25%

👉 Personal allowance frozen until April 2026 at £12,570

👉 Corporation tax increasing to 25% from April 2023 for profits over £250k then a sliding scale, profits below £50k will remain at 19%

👉 As previously announced MTD has been delayed until 6th April 2024 for sole traders and landlords with income over £10k