Key points from the Chancellor’s Autumn Statement last week include a freeze on inheritance tax, income tax and national insurance allowances and thresholds until 2028, a capital gains tax allowance cut to £6,000 and a reduction in the top income tax threshold from £150,000 to £125,000.
Benefits and pensions will rise in line with inflation. The energy profits levy (windfall tax) will be increased to 35% and extended by two years, raising £14bn which will be used to cut business rates for about 700,000 businesses.
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