 will be cut from £2,000 to £1,000 next year and then to £500 from April 2024. The allowance stood at £5,000 as recently as 2018.The annual allowance before capital gains tax is paid will also be reduced from £12,300 to £6,000 in April and then to £3,000 a year later. This tax is paid when you sell an asset, such as company shares or a second){kind=link}
With the cost of living rising at its fastest rate for 41 years, this is going to be a tough winter for many people.
Chancellor Jeremy Hunt has outlined plans designed to tackle rising prices and restore the UK’s credibility with international markets.
It will mean further pain for many, but the chancellor argues that the most vulnerable in society are being protected. Here are some of the ways the Autumn Statement will affect you.
You start to pay income tax on annual earnings of more than £12,570, charged at 20%. You then pay tax of 40% on earnings over £50,270 a year, although the bands are different in Scotland.
These bands – or tax thresholds – had already been frozen until 2026, rather than going up in line with prices as you might normally expect.