The Autumn Budget – taxed and spent

The first Autumn Budget in three years – and the Chancellor’s third in less than 20 months – featured no significant increases in tax, but it’s never too early to start thinking about your year-end tax planning.

After already increasing taxes by £42 billion a year in 2021, the main focus of Chancellor Rishi Sunak’s Autumn Budget was on spending.

The first Autumn Budget in three years – and Mr Sunak’s third in less than 20 months – featured no significant increases in tax. The task of raising extra revenue had already been dealt with earlier in the year, with a range of measures, including allowance freezes and increased corporation tax.

The Budget’s main highlights on the personal front were:

Although the Chancellor said in his speech, “My goal is to reduce taxes”, this will not happen next year. It is not too early to start thinking how you might start cutting tax through year-end tax planning.

The value of your investment and any income from it can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
The value of tax reliefs depends on your individual circumstances.
Tax laws can change. The Financial Conduct Authority does not regulate tax advice.

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