Published: 18th November 2022
Jeremy Hunt delivered his budget yesterday – I give reference to Jeremy, so that you might know which of this year’s budgets I am talking about.
This time I thought we would split this note into two: one today about rates and key changes and one, probably on Monday with commentary and opinion. We have seen a few published over the last 24 hours that try to combine the two and frankly it does not work terribly well.
One commentary notes that the cut in dividend allowance from £2,000 to £1,000 will affect how business owners remunerate themselves: but really, will it? No – of course it won’t! It is just one aspect of many.
As always, please treat the following merely as an aide memoire / background information. But if concerned ask us how it affects you, and always we will talk through how it affects you, face to face over a coffee, or by phone. (07779 613 348 as I am out of the office today; or 01743 249 992 to talk to the wider team).
Headline announcements are just that, and the devil is in the detail as well as in the interaction between individual taxes. Moreover, the things that have a bigger effect on individuals are monetary policy and the economy. Take an increase in interest rates and compare with an extra 5% on £25,000 for a highest rate taxpayer. The latter is just £1,250: the former will be a multiple of that. Add energy costs to that, and I know where my focus would be!
So, without further ado, some headlines:
SDLT (Still known as Stamp Duty to most of us)
I will say more on this in the commentary, but if your about to do a transaction, do get in touch.
Improvements for big businesses and cuts for SME’s, and again this is something I will write more about over the weekend.
More thoughts to follow…