17 Nov 2022
Chancellor Jeremy Hunt will present the 2022 Autumn Statement today. We will keep you up to date on the key Autumn Statement announcements.
Media reports suggest that the Chancellor is planning to extend the freeze on inheritance tax (IHT) at the threshold of £325,000 for two extra years. When Prime Minister Rishi Sunak was Chancellor, he froze the threshold until April 2026. Now he and Mr Hunt have agreed that the allowance should be frozen until 2028, news reports suggest.
Reports also hint at the axing of Investment Zones, which were announced by the previous Chancellor, Kwasi Kwarteng. Mr Kwarteng announced the zones to offer businesses generous but temporary tax breaks, as well as relaxed planning rules to encourage construction. Mr Hunt put the project under review ahead of the Autumn Statement and the zones could be scaled back; altered to an urban regeneration policy; or axed altogether.
Speculation is rife that the Chancellor will increase the National Living Wage (NLW) at the Autumn Statement. The NLW is currently £9.50 per hour for those aged 23 and over. Experts predict that this could rise to around £10.40 an hour.
Mr Hunt recently warned that 'we are all going to be paying a bit more tax' following the Autumn Statement. We will be providing an analysis of today's announcements.