Tax Tables 2022/23
We are delighted to attach our Tax Tables for the 2022/23 tax year.
Against a background of rising inflation, the global effects of the war in Ukraine and an increased cost of living crisis, the Chancellor’s Statement on 23 March was a mixed bag. While failing to heed the calls of some of his backbenchers to relieve pressure on households by rescinding the hike in National Insurance (NI) contributions, Mr Sunak instead pegged the NI threshold to the personal allowance and announced a cut in basic rate tax for 2024 for England, Wales and Northern Ireland.
Key changes for the forthcoming 2022/23 tax year include:
- A public finance boost of £25-30bn gave the Chancellor some wriggle room when he presented his SpringStatement, but how did he use it?
- The NIC primary threshold rises to match the frozen personal allowance of £12,570 in July 2022, with revised limits for companydirectors and the selfemployed.
- Fuel duty cut by 5p a litre from 23 March for the next 12 months as widely trailed.
- VAT is cut to 0% on the installation of energy saving materials for five years from 1 April.
- The basic income tax rate will drop to 19% from April 2024 except in Scotland.
- The Chancellor announced a new Tax Plan underpinning consultation towards reformation of the tax system focussing on capital, people and ideas.
