A number of changes are coming to income tax in April 2023 that will affect taxpayers across the UK.
Many of these measures were announced by Chancellor of the Exchequer Jeremy Hunt in his Autumn Statement on 17 November. According to Hunt, these decisions will see everyone pay “a bit more tax” from the 2023/24 tax year onwards.
Many of the decisions announced in the September mini-budget, including those affecting income tax, have been changed or scrapped completely. The new measures are expected to raise a further £34 billion a year for the UK Government.
As the cost of living crisis worsens and the UK enters a recession, it’s increasingly important to be aware of your liabilities. Understanding these measures may help you take the necessary steps to safeguard your finances.
Here’s what you need to know about the upcoming changes, and how they’ll affect your income tax bill.
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The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.