Lucy Orrow - Lambert Chapman Senior Tax ManagerThe Autumn Statement introduced by our new Chancellor, Kwasi Kwarteng, has provided some headline changes for individuals.

It was announced yesterday that the increase in employees’ and employers’ national insurance is being reversed from 6 November, so next month’s pay packet will look a bit better and from April 2023, the dividend rate will also return to previous levels.

With that and the additional rate of income tax, 45%, being scrapped and the basic rate of tax reducing to 19%, income and profits for 2023/24 will have a lower tax burden placed on it.

There’s good news for property purchasers with the lower band of stamp duty land tax being increased to £250,000 and first time buyers not paying anything on properties below £425,000.  However, with interest rates rising, mortgage payments will be going up.

Overall, it is the Government’s plan to boost the economy but they will have to borrow more to fund these savings.  We have to wait and see whether this provides relief in the long-term.

Lucy Orrow – Senior Tax Manager

Lambert Chapman Chartered Accountants

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