{"id":862,"date":"2022-05-18T10:54:50","date_gmt":"2022-05-18T09:54:50","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=862"},"modified":"2022-05-18T10:57:36","modified_gmt":"2022-05-18T09:57:36","slug":"hello-tax-year-2022-23","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2022\/05\/18\/hello-tax-year-2022-23\/","title":{"rendered":"Hello tax year 2022\/23!"},"content":{"rendered":"
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The days are\nlonger, it\u2019s brighter outside (hopefully!) and it\u2019s time to embark on a good\nspring clean to refresh, organise and bring a sense of wellbeing \u2013 a notion\nwell worth extending to your finances.<\/strong><\/p>\n<\/div>\n\n

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Although\nthere\u2019s limited change in the structure and operation of the taxation of UK\nindividuals in the 2022\/23 tax year, this \u2018no change\u2019 component is significant\n\u2013 the big tax freeze is here.<\/p>\n<\/div>\n\n

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Excluding the\n1.25 percentage point increase to National Insurance and Dividend Tax rates\nfrom April 2022, and an increase in the National Insurance threshold to \u00a312,570\nfrom July, most major tax rates, bands and allowances were frozen until\n2025\/26, in the Spring 2021 Budget.<\/p>\n<\/div>\n\n

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Stealth mode<\/strong><\/p>\n<\/div>\n\n

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Frozen\nallowances can really impact; estimates suggest that by 2025 there may be five\nmillion higher rate taxpayers, a massive 900,000 increase1<\/sup>. As\nanother example, frozen allowances, growth in assets and accumulation of\nunspent income could see people falling into the Inheritance Tax (IHT) net.<\/p>\n<\/div>\n\n

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Know your\nnumbers<\/strong><\/p>\n<\/div>\n\n

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The good news\nis that effective tax planning strategies can help shield you from the chill\nthis spring. Some key allowances for the new tax year (2022\/23) include:<\/p>\n<\/div>\n\n

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\u2013 Individual\nSavings Account (ISA) allowance remains at \u00a320,000<\/strong><\/p>\n<\/div>\n\n

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\u2013 Junior\nIndividual Savings Account (JISA) allowance and Child Trust Fund (CTF) annual\nsubscription limit remain at \u00a39,000<\/strong><\/p>\n<\/div>\n\n

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\u2013 Inheritance\nTax (IHT) nil-rate band remains at \u00a3325,000<\/strong> and the residence nil-rate\nband at \u00a3175,000<\/strong>, until April 2026<\/p>\n<\/div>\n\n

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\u2013 Capital Gains\nTax (CGT) annual exemption remains at \u00a312,300<\/strong> for individuals and \u00a36,150<\/strong>\nfor most trusts<\/p>\n<\/div>\n\n

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\u2013 Lifetime\nAllowance for pensions remains at \u00a31,073,100<\/strong> until April 2026; the\nAnnual Allowance remains at \u00a340,000<\/strong><\/p>\n<\/div>\n\n

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\u2013 New\nsingle-tier State Pension increased to \u00a3185.15<\/strong> per week in April 2022,\nthe older basic State Pension increased to \u00a3141.85<\/strong> per week.<\/p>\n<\/div>\n\n

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1<\/sup>IFS, 2021<\/p>\n<\/div>\n\n

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It is important to take professional advice before making any\ndecision relating to your personal finances. Information within this article is\nbased on our current understanding and can be subject to change without notice\nand the accuracy and completeness of the information cannot be guaranteed. It\ndoes not provide individual tailored investment advice and is for guidance\nonly. Some rules may vary in different parts of the UK.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

The days are longer, it\u2019s brighter outside (hopefully!) and it\u2019s time to embark on a good spring clean to refresh, organise and bring a sense of wellbeing \u2013 a notion well worth extending to your finances. Although there\u2019s limited change in the structure and operation of the taxation of UK individuals in the 2022\/23 tax […]<\/p>\n","protected":false},"author":12,"featured_media":863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,77,78],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/862"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=862"}],"version-history":[{"count":5,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/862\/revisions"}],"predecessor-version":[{"id":868,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/862\/revisions\/868"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/863"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=862"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}