This Thursday, the chancellor will deliver the 2022 Autumn Statement and the long awaited economic forecast from the Office for Budget Responsibility (OBR). It is estimated that the black hole in the public finances is c. £40-£50 billion and there is much speculation in the press as to how this will be filled.
We understand that Jeremy Hunt is considering increasing and extending the windfall taxes levied on oil and gas companies, increasing Capital Gains Tax (CGT) and Dividend Tax rates, reducing the 45% Additional Income Tax rate threshold and reviewing the taxation of non-domiciliaries – all of which will need to be carefully balanced.
Will it be from now, next spring or never?
Our tax experts will be glued to the announcement – keep an eye on our blog for our initial thoughts and comments. As soon as we have read and fully digested the plethora of information released from the treasury, we will provide you with a detailed analysis of the announcements. If you have not already signed up to our newsletter for up-to-date news from our world, please click here.
