GM Tax

UK Autumn Statement Updates:

· Today’s (17 November 2022) Autumn Statement from HM Treasury announced that Capital Gains Tax Allowance will be halved from £12,300 to £6,000 from April 2023. The CGT Allowance is set to then half again from £6,000 to £3,000 from April 2024. If you are wanting to make the most of the current £12,300 allowance you have 4 months to do so before the reduced allowance comes into effect. Where appropriate the spousal exemption for CGT could be used to equalise the assets before selling which means both CGT exemptions could be fully used.

· The chancellor announces a range of tax threshold freezes, including for income tax and inheritance tax for a further two years, on top of an existing four-year freeze, to April 2028.

· The dividend allowance will be cut from £2,000 to £1,000 next year. From April 2024, it will then be reduced to £500.

· The threshold for the 45p additional rate of tax will be cut from £150,000 to £125,140.