· State Pension payments to increase by 10.1%, in line with inflation. 

· The top 45% additional rate of income tax threshold has been lowered to £125,140 from £150,000 (except Scotland), from April 2023 onwards. 

· Income Tax personal allowance and higher rate tax thresholds have been frozen until 2028. 

· The main National Insurance and Inheritance Tax thresholds have also been frozen until 2028. 

· Capital Gains Tax annual exemption is to be cut from April 2023: 

- Allowance to be reduced from £12,300 to £6000 in April 2023. 

- Then again reduced to £3,000 from April 2024. 

· Dividend allowance will be cut from £2,000 to £1,000 from April 2023, with a further reduction to £500 from April 2024. 

· Corporation Tax will increase from 19% to 25% from April 2023.

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There was a relatively muted market reaction to the Chancellor’s Autumn Statement with the Pound initially only trading lower by around 1% against the US dollar, a stark contrast to the frenzied response to his predecessor’s announcement. The freezing of allowances and thresholds till 2028 will see millions of taxpayers move into higher tax bands over the coming years as inflation inevitably drives up wages. Inflation should hopefully stabilise by next year but higher interest rates appear here to stay which should see house demand and prices dop-off in the next couple of years. The planned rise in Corporation Tax coupled with the reduction to the dividend annual allowance will massively impact business owners who are already feeling the squeeze from rising energy costs. With the gradual reduction of the Capital Gains Tax exemption, collective investment accounts will become a less attractive option for investors. This means fully utilising pension and ISA allowances will become even more important in the coming years, so as to maximise the tax efficiency of investment portfolios.

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