More on the Chancellors Review on Budget highlights
As previously announced, the personal allowance remains at £12,570 for 2022/23. The allowance is reduced by £1 for every £2 by which adjusted net income exceeds £100,000. This means that where income exceeds £125,140, the personal allowance is lost in its entirety.
The basic rate remains at 20%, the higher rate remains at 40% and the additional rate remains at 45%.
The basic rate band remains at £37,700. This means that where a person receives the standard personal allowance of £12,570, they will start to pay higher rate tax of 40% once their income exceeds £50,270.
The additional rate of 45% is payable on taxable income in excess of £150,000.
The rates applying to the non-dividend, non-savings income of Scottish taxpayers will be announced at the time of the Scottish Budget in December.
The rates of company car tax already announced for 2022/23 will continue to apply for 2023/24 and 2024/25.
The fuel scale multiplier used for working out the fuel benefit charge is set at £25,300 for 2022/23 (up from £24,600 for 2021/22).
The amount on which tax is charged in respect of a taxable company van is increased to £3,600 for 2022/23. The amount is £3,500 for 2021/22.
A separate fuel charge applies where fuel is provided for private journeys in a company van. This is set at £688 for 2022/23 (up from £669 for 2021/22).
The Chancellor also announced a welcome freezing of certain duties that had been expected to rise.
Fuel duty rates are to remain frozen for 2022/2023.