ARTICLE · 12 DECEMBER 2022

Further Tax Changes Announced In The Autumn Statement 2022

Baker McKenzie

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The UK Chancellor, Jeremy Hunt, delivered the Autumn Statement 2022 on Thursday, 17 November.

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Baker & McKenzie

In brief

The UK Chancellor, Jeremy Hunt, delivered the Autumn Statement 2022 on Thursday, 17 November. This is the third major "budget-like" announcement in recent months (see our previous Client Alert here for the position prior to 17 November).

The most notable change for employees who participate in share plans is the reduction of the annual exempt amount for capital gains tax (CGT) from GBP 12,300 to GBP 6,000 from April 2023, and then a further reduction to GBP 3,000 from April 2024. The reduction in the annual exempt amount is likely to affect participants in tax-advantaged plans, especially the SAYE plan, disproportionately.

Furthermore, the income tax personal allowance threshold and higher rate threshold will remain unchanged until 2028. While the basic and additional rates of income tax will remain at 20% and 45%, freezing these thresholds will mean that more people who receive salary increases will be subject to higher rates of income tax, even

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