Impact of the 2022 Autumn Statement

It seems as if I have been writing one of these post-fiscal event pieces every other week for the past couple of years. It’s not quite as bad as that but we are certainly a long way from the era of an annual Budget and then radio silence from the Treasury for the next 364 days.

The post-announcement press coverage was about the extra tax everybody is going to pay – ‘Millions to pay more in tax’ was a typical headline. This is where the economic and tax technical analysis differ. The economists’ view is about the effects of fiscal drag bringing more people into the tax net and increasing the numbers paying at higher rate. For practitioners it is other than the reduction of the additional rate threshold business as usual as far as tax rates are concerned.

Capital gains exemption

So let’s look a little...