A full copy of the statement can be found here. Income Tax, National Insurance and IHT The point at which the 45% rate of income tax applies will be reduced from £150,000 to £125,140. The allowances and bands for income tax, national insurance and inheritance tax will be frozen until April 2028. Employers’ NIC thresholds to be frozen. Dividend Allowance and CGT Dividend allowance will be reduced from £2,000 to £1,000 next year, and then to £500 from April 2024. Capital Gains Tax Annual Exemption Amount is to reduce from £12,300 to £6,000 from April 2023 and then to £3,000 from April 2024. Research and Development For expenditure on or after 1 April 2023 the RDEC rate will increase from 13% to 20%. The SME additional deduction will reduce from 130% to 86% and the SME credit will decrease from 14.5% to 10%. Business Rates Planned revaluation of properties to go ahead. Though additional support will mean that two-thirds of business will not pay higher rates next year. This support includes the Multiplier Freeze, the Transitional Relief Schemes, the Retail Hospitality and Leisure Relief and the Supporting Small Businesses Scheme. VAT VAT registration threshold to be held at £85,000. The Government will not be pursuing the Online Sales Tax (OST). National Living Wage £10.42/hr from 01 April 2023. Windfall Tax Windfall tax affecting oil and gas industry to increase from 25% to 35% and an electricity generator tax set at 45%. Inflation Forecasts The OBR forecasts inflation to hit 9.1% this year and 7.4% next year. Energy Price Guarantee The price cap will increase from April 2023 to bring the average cost of energy for a typical house to £3,000 per year for a typical household. Benefits and Welfare To increase by 10.1% next year. Pensions Pensions triple lock to be protected. Pension credit to increase by 10.1%.