The following changes announced in the Autumn Statement 2022 will apply to taxpayers in England, Wales and Northern Ireland:
- basic rate of income tax to remain at 20% "indefinitely" (previously it was to be cut to 19% from April 2024, then in the 'Mini Budget' it was announced that the cut was to be accelerated to April 2023)
- additional rate of income tax to remain at 45% in 2023/24 (in the Mini Budget it was announced the additional rate was to be abolished from April 2023)
- additional rate threshold to be lowered from £150,000 to £125,140 in 2023/24
The income tax personal allowance £12,570 and higher rate threshold £50,270 will now be maintained until at least April 2028; these thresholds apply across the UK, except for non-savings and non-dividend income received by Scottish taxpayers, which is currently subject to a higher rate threshold of £43,662.
The 2023/24 Scottish Budget will be published on 15 December 2022, at which point we will know more about the proposed Scottish rates and thresholds for 2023/24 on non-savings and non-dividend income.