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Bloomsbury's Tax Rates and Tables 2023/24: Autumn Statement Edition

Author: Lucy Webb

Edition: Autumn Statement

Publication Date: December 2022

Publisher: Bloomsbury Professional

Law As Stated At: 17 November 2022

Bloomsbury's Tax Rates and Tables 2023/24: Autumn Statement Edition

Bloomsbury's Tax Rates and Tables 2023/24: Autumn Statement Edition

Welcome to Tax Rates and Tables 2023/24 (Autumn Statement Edition), published by Bloomsbury Professional.

This edition of Tax Rates and Tables 2023/24 has been updated to reflect measures announced in the Autumn Statement on 17 November 2022 and changes proposed in the Autumn Finance Bill 2022 (formally known as Finance Bill 2022/23). Where relevant, this edition also references measures previously announced in the now largely defunct Growth Plan, held on 23 September 2022.

The Autumn Statement announced changes to income tax, with the additional rate threshold to reduce to £125,140 from 6 April 2023, and the amount of dividend allowance to reduce – see Chapter 1.

In respect of National Insurance, the Health and Social Care Levy has been cancelled – representing one of the few Growth Plan measures to have been retained – see Chapter 14.

The main rate of corporation tax will also rise to 25% from April 2023, as had been legislated (Chapter 7) while the Annual Investment Allowance has been set permanently at £1 million (Chapter 10).

It is worth noting that the Autumn Finance Bill 2022 contains relatively few clauses, its purpose being to legislate for key tax changes announced at the Autumn Statement. The Spring Finance Bill 2023 will follow the Spring Budget next year.

I am very grateful for the assistance provided by the editorial team at Bloomsbury Professional, particularly Jane Bradford for her patience and considerable skill in bringing all the material together.

I hope that you find Tax Rates and Tables 2023/24 (Autumn Statement Edition) useful and practical.

Lucy Webb ACA CTA

lucy@accountingthatcounts.com

December 2022

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