--- title: Autumn Statement 2022 – Our Initial Views description: The tax increases announced involved reductions to many allowances alongside specific levies on energy profits and electricity generation. image: https://blog.shorts.uk.com/hubfs/autumn-statement.jpg --- [![Shorts_logo_White](https://blog.shorts.uk.com/hubfs/New%20Site%202018/Shorts_logo_White.svg "Shorts_logo_White")](https://www.shorts.uk.com/) [Blogs & News](https://blog.shorts.uk.com/) > [RADIUS - R&D Tax Relief & Patent Box](https://blog.shorts.uk.com/topic/radius-rd-tax-relief-patent-box) # Autumn Statement 2022 – Our Initial Views Brian Gooch - 17 November 2022 ###### Select topic - Please Select - [ Audit ](https://blog.shorts.uk.com/topic/audit) [ Business Taxes ](https://blog.shorts.uk.com/topic/business-taxes) [ Radius – R&D Tax Relief & Patent Box ](https://blog.shorts.uk.com/topic/radius-rd-tax-relief-patent-box) [ Corporate Finance ](https://blog.shorts.uk.com/topic/corporate-finance) [ GENUS Management Accounts ](https://blog.shorts.uk.com/topic/genus-management-accounts) [ VAT ](https://blog.shorts.uk.com/topic/vat) [ Private Client ](https://blog.shorts.uk.com/topic/private-client) [ Payroll ](https://blog.shorts.uk.com/topic/payroll) [ EOT ](https://blog.shorts.uk.com/topic/eot) [ International Taxes ](https://blog.shorts.uk.com/topic/international-taxes) ![featured image](https://blog.shorts.uk.com/hubfs/autumn-statement.jpg) November 17th saw the third budget-like announcement of 2022, each given by a different chancellor. | The following is a top-level briefing of the essential takeaways from the Autumn Statement. If you would like more detailed information about each of the announcements, we encourage you to read our full breakdown of the 2022 Autumn Statement via the link below. - [Read more: The Autumn Statement 2022 - Full Analysis](https://blog.shorts.uk.com/the-autumn-statement-2022-full-analysis) | | --- | The tax increases announced involved reductions to many allowances, either in absolute terms or in real terms by freezing them, alongside specific levies on energy profits and electricity generation. Here are the main announcements made: ## Income tax The level above which individuals will pay the 45% rate of income will be reduced from £150,000 to £125,140. That level corresponds with where the personal allowance, which is tapered for income above £100,000, ceases to be available. - The personal allowance and higher rate tax threshold, which had already been frozen until April 2026, will be **frozen for a further two years** to April 2028. - The dividend nil rate band will be reduced in two stages, from £2,000 to £1,000 from April 2023, and to £500 from April 2024. ## Corporation Tax - R&D This saw the only substantive change announced, with significant changes in rates increasing the value of the RDEC scheme and reducing the value of the SME scheme, with a move towards convergence of the two existing reliefs. Further detail is given below. ## Capital Gains Tax The Capital Gains Tax annual exemption will also be reduced in two stages, from £12,300 to £6,000 from April 2023, and to £3,000 from April 2024. ## National Insurance The thresholds for National Insurance, which are mostly aligned with the Income Tax allowances and thresholds, will also be frozen until April 2028 for both employees and employers. ## Stamp Duty Land Tax The increases in nil rate band for residential property introduced on 23 September 2022 will remain in place until 31 March 2025, but will revert thereafter to their previous levels. ## AV tax reliefs The government have announced a consultation into reform of the tax reliefs that are available for film, TV and video game production in the UK. ## Council Tax The level by which local authorities can raise Council Tax without approval by a referendum will increase from 3% to 5% (including 2% specifically for social care). ## Electric vehicles These will no longer benefit from a nil rate of Vehicle Excise Duty after April 2025 and will pay the rates applicable to other vehicles. For cars, those rates are currently emissions based in year 1 (£10 lowest rate will apply to EVs) and £165 from year two onwards. ## Changes to Research & Development tax relief For expenditure on or after 1 April 2023, the Research and Development Expenditure Credit (RDEC) rate will increase from 13% to 20% but the small and medium-sized enterprises (SME) additional deduction will decrease from 130% to 86% and the SME credit rate will decrease from 14.5% to 10%.R&D-intensive SMEs. ![author](https://blog.shorts.uk.com/hubfs/Brian%20Gooch%20(1).jpg) #### Brian Gooch I work extensively in the corporate owner managed business sector, covering transactional taxes, property taxes including Stamp Duty Land Tax and VAT, and all areas of business tax planning. I have considerable experience in maximising tax efficiency by reviewing business structures and planning corporate reorganisations. [View my articles](https://blog.shorts.uk.com/author/brian-gooch) Tags: [RADIUS - R&D Tax Relief & Patent Box](https://blog.shorts.uk.com/topic/radius-rd-tax-relief-patent-box), [Private Client](https://blog.shorts.uk.com/topic/private-client), [Business Taxes](https://blog.shorts.uk.com/topic/business-taxes) Share this on - - - [Questions? Get in touch with us](https://www.shorts.uk.com/contact/) ###### Tax Saving Guide 2026-27 Written especially for entrepreneurs and owner-managed businesses, this guide is full of planning ideas and tax risks to avoid. [ Download now ](https://info.shorts.uk.com/en-gb/tax-saving-guide) ![Tax saving guide 2026-27](https://blog.shorts.uk.com/hs-fs/hubfs/Tax%20saving%20guide%202024.jpg?width=375&height=465&name=Tax%20saving%20guide%202024.jpg) ###### Related articles ##### [Annual Investment Allowance & the Super-Deduction](https://blog.shorts.uk.com/annual-investment-allowance-the-super-deduction) ##### [Corporate Criminal Offence: Is my business at risk?](https://blog.shorts.uk.com/corporate-criminal-offence) ##### [The 12 Tax-Saving Tips of Christmas for 2025](https://blog.shorts.uk.com/the-12-tax-saving-tips-of-christmas) ##### [Reclaiming VAT on personalised number plates](https://blog.shorts.uk.com/vat-back-on-your-number-plate) ###### Latest articles [A case of aggressive tax avoidance: Glasgow Rangers Football Club](https://blog.shorts.uk.com/aggressive-tax-avoidance-affect-you) [What is VAT? - Complete Guide (Updated for 2025/26)](https://blog.shorts.uk.com/what-is-vat) [Ashgate Hospice Sparkle Night Walk 2026](https://blog.shorts.uk.com/ashgate-hospice-sparkle-night-walk-2026) [Stocktaking guide for UK businesses](https://blog.shorts.uk.com/stocktaking-guide-for-uk-businesses) [Supporting the Chatsworth Cascade for future generations](https://blog.shorts.uk.com/supporting-the-chatsworth-cascade-for-future-generations) [Deal of the Year win at Insider Dealmakers Awards 2026](https://blog.shorts.uk.com/deal-of-the-year-win-at-insider-dealmakers-awards-2026) [Football shirt Wednesday: Backing England in style](https://blog.shorts.uk.com/football-shirt-wednesday-backing-england-in-style) [Understanding lifetime trusts: the basics](https://blog.shorts.uk.com/understanding-lifetime-trusts-the-basics) [Close company directors face new HMRC detail requirements in 2026](https://blog.shorts.uk.com/close-company-directors-face-new-hmrc-detail-requirements-in-2026) [Shorts advise Harris Irwin Architects on successful growth funding.](https://blog.shorts.uk.com/shorts-advise-harris-irwin-architects-on-successful-growth-funding) #### About Us Use this little footer to reinforce your message about who you are and why people love working with you. 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