| Threshold freezes and personal tax allowance measures |
| National Insurance contributions thresholds will be fixed at their current rates until April 2028. The government will legislate for the measure through secondary legislation in early 2023. |
| The National Insurance contributions secondary threshold will be fixed at £9,100 from April 2023 until April 2028. The Employment Allowance will mean the smallest employers will not be affected. |
| Energy Levies |
| Energy Profits Levy (EPL) – from 1 January 2023, the EPL rate will rise by 10 percentage points to 35% and will be extended to 31 March 2028. The investment allowance will be reduced to 29% for all investment expenditure (other than decarbonisation expenditure) broadly maintaining its existing cash value. Decarbonisation expenditure will continue to qualify for the current investment allowance rate of 80%. The government will legislate for these measures in Autumn Finance Bill 2022, except the changes related to decarbonisation expenditure which will be legislated for in Spring Finance Bill 2023. |
| Corporate Tax changes |
| Reforms to R&D tax reliefs – for expenditure on or after 1 April 2023, the Research & Development Expenditure Credit rate will increase from 13% to 20%, the Small and Medium Enterprise (SME) additional deduction will decrease from 130% to 86%, and the SME credit rate will decrease from 14.5% to 10%. The government is continuing the review of R&D tax reliefs that was launched at Budget 2021 and will consult on the design of a single scheme. |
| Other measures include: |
| • | Company Car Tax (CCT) Rates – the government is setting rates for CCT until April 2028 to provide long term certainty for taxpayers and industry in Autumn Finance Bill 2022 | | • | Van Benefit Charge and Car & Van Fuel Benefit Charges – from 6 April 2023, Car and Van Fuel Benefit Charges and Van Benefit Charge will increase in line with the September 2022 Consumer Price Inflation (CPI) rate. | | • | a substantial package of reforms to business rates has also been announced. Further details are set out on GOV.UK |
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