November 16th 2022 2:16 pm

Written by Alan Westaway

home :: tax news :: autumn statement

Autumn Statement 2022 Predictions

Widespread tax rises and spending cuts planned for tomorrow.

The newly installed cabinet will make its first batch of major policy changes around mid-day tomorrow (November 17th 2022).

It comes after September's disastrous mini-budget, which led to market turmoil, devaluation of the pound and led to a hastening of the rise in interest rates. The country is also now officially in a recession.

Jeremy Hunt is now tasked with attempting to correct the course of the ship with a set of tax rises and spending cuts. Measures that will undoubtedly make the cost of living crisis worse for many.

So, what could tomorrow's statement unveil?

Hunt needs to plug the tens of billions gap in the UK's finances, for which alongside spending cuts he is planning widespread tax rises, which will see everyone paying more tax.

Tax rises that are rumoured to bring in an extra £25 billion will be through more use of fiscal drag (keeping allowances and bands below inflation levels for longer). Freezing until 2028 will 'drag' people into the higher rate band and 'pull' people at the lower end further out of tax free allowances.

The top rate of income tax, which a very low percentage of people pay in the UK, is likely to be increased from the current 45 percent and the threshold lowered from the current £150,000 in order to drag more people in to the bracket.

Council tax rises aimed aimed at the higher valuation bands are also rumoured for tomorrow. Local councils could increase rates by two percent further than previously allowed.

The energy support scheme has been paired down from the Truss/Kwarteng vision and will now come to an end in its current form in April 2023. Expect Hunt to announce what its successor will be, and it's likely to be a means-tested version - so for those already on government income support and pensioners only. This could be paired with a sharp windfall tax on energy companies.

We will be following along tomorrow and providing tools and calculators as usual here shortly after the statement.

See more articles from November 2022

Keywords:

Topics
Election - 25 available Personal Tax - 263 available Uk Budget - 81 available Welfare - 6 available Autumn Statement - 23 available Fraud - 13 available Business Tax - 31 available General - 62 available Expenses - 8 available Spring Statement - 7 available Tax Return - 39 available Self Employed - 21 available Limited Company - 4 available Benefits - 1 available Company Cars - 2 available
Browse Archives:
May 2024 - 3 available April 2024 - 2 available March 2024 - 6 available February 2024 - 2 available January 2024 - 4 available December 2023 - 3 available November 2023 - 4 available October 2023 - 4 available September 2023 - 2 available August 2023 - 2 available July 2023 - 2 available June 2023 - 4 available May 2023 - 5 available April 2023 - 2 available March 2023 - 6 available February 2023 - 4 available January 2023 - 7 available December 2022 - 6 available November 2022 - 4 available October 2022 - 5 available September 2022 - 9 available August 2022 - 3 available July 2022 - 3 available June 2022 - 3 available May 2022 - 4 available April 2022 - 3 available March 2022 - 3 available February 2022 - 4 available January 2022 - 4 available December 2021 - 4 available November 2021 - 3 available October 2021 - 3 available September 2021 - 3 available August 2021 - 3 available July 2021 - 6 available June 2021 - 2 available May 2021 - 4 available April 2021 - 3 available March 2021 - 5 available February 2021 - 3 available January 2021 - 9 available December 2020 - 5 available November 2020 - 5 available October 2020 - 5 available September 2020 - 8 available August 2020 - 5 available July 2020 - 13 available June 2020 - 3 available May 2020 - 7 available April 2020 - 5 available March 2020 - 10 available February 2020 - 10 available January 2020 - 6 available December 2019 - 6 available November 2019 - 7 available October 2019 - 5 available September 2019 - 6 available August 2019 - 9 available July 2019 - 6 available June 2019 - 4 available May 2019 - 4 available April 2019 - 4 available March 2019 - 9 available February 2019 - 4 available January 2019 - 6 available December 2018 - 3 available November 2018 - 5 available October 2018 - 7 available September 2018 - 9 available August 2018 - 3 available July 2018 - 4 available June 2018 - 5 available May 2018 - 6 available April 2018 - 4 available March 2018 - 6 available February 2018 - 6 available January 2018 - 2 available December 2017 - 5 available November 2017 - 8 available October 2017 - 5 available September 2017 - 4 available August 2017 - 3 available July 2017 - 5 available June 2017 - 2 available May 2017 - 5 available April 2017 - 4 available March 2017 - 6 available February 2017 - 3 available January 2017 - 4 available December 2016 - 3 available November 2016 - 4 available October 2016 - 3 available September 2016 - 2 available August 2016 - 6 available July 2016 - 4 available June 2016 - 2 available May 2016 - 2 available April 2016 - 2 available March 2016 - 3 available February 2016 - 2 available January 2016 - 5 available December 2015 - 3 available November 2015 - 4 available October 2015 - 3 available September 2015 - 2 available August 2015 - 2 available July 2015 - 5 available June 2015 - 3 available May 2015 - 1 available April 2015 - 2 available March 2015 - 6 available February 2015 - 3 available January 2015 - 3 available December 2014 - 4 available November 2014 - 2 available October 2014 - 5 available September 2014 - 1 available August 2014 - 2 available July 2014 - 2 available June 2014 - 3 available May 2014 - 2 available April 2014 - 5 available March 2014 - 4 available February 2014 - 2 available January 2014 - 5 available December 2013 - 3 available November 2013 - 3 available October 2013 - 4 available September 2013 - 5 available August 2013 - 7 available June 2013 - 1 available April 2013 - 3 available March 2013 - 6 available February 2013 - 5 available January 2013 - 4 available December 2012 - 1 available March 2012 - 3 available January 2012 - 2 available

© 2008 - 2024 UKTaxCalculators.co.uk