The Chancellor Autumn Statement has made his autumn statement, although much had been discussed before hand via releases to the media. The headlines:
Reduction in the threshold for the higher rate (45%) of income tax, from £150,000 to £125,000
The threshold for the payment of Inheritance Tax (£325,000) will stay at the current level until 2028 (and not therefore raising it in line with inflation)
There will be a freeze on income tax personal allowances and higher rate thresholds for a further two years, until April 2028
We are not sure how this relates to Wales yet...for small businesses who lose eligibility for either Small Business or Rural Rate Relief due to new property valuations could benefit from a ‘Supporting Small Business’ scheme worth over £500 million
The National Living Wage will increase from £9.50 an hour for over-23s to £10.42 from April, a change that will be of significance to many businesses.
The Energy Price Guarantee has been extended through to April 2024, but at a higher level (£3000 per year for the average household, compared to the current £2,500)
Those who use alternative fuels (such as heating oil or LPG) will see their support from government doubled from £100 to £200. Payments will be delivered “as soon as possible” this winter.
DCMS’s budget will go up from £1.6bn to £2.0bn next year, but then back down to £1.6bn for the next two years after that.