{"id":29444,"date":"2023-11-06T11:00:00","date_gmt":"2023-11-06T11:00:00","guid":{"rendered":"https:\/\/taxfix.com\/en-uk\/?p=29444"},"modified":"2025-09-15T16:44:27","modified_gmt":"2025-09-15T15:44:27","slug":"the-naughty-and-nice-taxes-of-autumn-budgets-past","status":"publish","type":"post","link":"https:\/\/taxfix.com\/en-uk\/blog\/the-naughty-and-nice-taxes-of-autumn-budgets-past\/","title":{"rendered":"The naughty and nice taxes of Autumn Budgets past\u00a0"},"content":{"rendered":"\n<p>When the sky turns grey and the leaves brown, most of us take it as a sign to go into hibernation. \ud83d\udc3b<\/p>\n\n\n\n<p>That\u2019s everyone but the Chancellor of the Exchequer. Because as the sun fades,&nbsp;it\u2019s their turn to shine (or not). \u26c5<\/p>\n\n\n\n<p>With this year&#8217;s spotlight firmly on Jeremy Hunt, we thought we\u2019d see how his <a href=\"https:\/\/taxfix.com\/en-uk\/glossary\/autumn-budget\/\">Autumn Budget<\/a> might fare against his predecessors using a system we like to call \u2018naughty\u2019 or \u2018nice\u2019 taxes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">But first, what is the Autumn Budget?<\/h2>\n\n\n\n<p>Unlike the real thing, we\u2019ll keep this brief. The Autumn Budget is a statement given yearly by the UK\u2019s Chancellor of the Exchequer. \ud83d\udcdc<\/p>\n\n\n\n<p>The statement outlines the Government\u2019s plans for raising and spending money that year.&nbsp;<\/p>\n\n\n\n<p>It takes place in the UK\u2019s favourite playground, the House of Commons, where the leader of the opposition has the opportunity to give their two cents too. \ud83d\udc81<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What happened in the last Autumn Budget?&nbsp;<\/h2>\n\n\n\n<p>With the 2022 Autumn budget nearly a year ago, let\u2019s recap what Jeremy Hunt had in store for us.\u00a0<\/p>\n\n\n<\/div> <!-- .c-body -->\n\n<div class=\"b-highlight-mini m-nude m-align-left\">\n    <div class=\"b-block-body\">\n        <ul>\n<li>Income Tax and National Insurance thresholds were to remain frozen until 2028<\/li>\n<li>The Capital Gains Tax (CGT) allowance was halved from \u00a312,300 to \u00a36,000<\/li>\n<li>Dividend allowances were cut from \u00a32,000 to \u00a31,000<\/li>\n<li>It was announced that from 2025, electric vehicle users will no longer be exempt from Vehicle Excise Duty \ud83d\udd0c<\/li>\n<li>The pension triple-lock would stay in place, meaning the UK Pension wouldn\u2019t lose value or be overtaken by the cost of living<\/li>\n<li>The Inheritance Tax threshold will remain frozen until 2028 \ud83c\udfe1<\/li>\n<li>Corporation tax was to increase from 19% to 25%<\/li>\n<li>VAT thresholds were to remain frozen for an additional two years<\/li>\n<\/ul>\n\n    <\/div>\n<\/div> <!-- .b-highlight-mini -->\n\n<div class=\"c-body\">\n\n\n\n\n<p>And all of these changes weren\u2019t exactly cheap. The tax changes were a whopping \u00a355 billion. \ud83d\udcb8<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Javid&#8217;s slow start&nbsp;<\/h2>\n\n\n\n<p>Let\u2019s time-travel back to 2019, when Sajid Javid was appointed Chancellor of the Exchequer as part of Bojo\u2019s new cabinet. \ud83d\udc71<\/p>\n\n\n\n<p>He was supposed to be first Chancellor to reveal an Autumn Budget since one of Britain\u2019s biggest economic decisions of the century; Brexit. \ud83d\udc4b<\/p>\n\n\n\n<p>But things didn\u2019t go as planned. The UK\u2019s departure from the EU wasn\u2019t as swift as initially anticipated, so Javid postponed his budget until March 2020.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sunak&nbsp;swoops in<\/h2>\n\n\n\n<p>In the few months between November 2019 and March 2020, the UK\u2019s Chancellor of the Exchequer was replaced. \u2728<\/p>\n\n\n\n<p>And as the saying goes, <em>Out with the old and in with the new.<\/em> Sorry, Sajid. \ud83e\udee3<\/p>\n\n\n\n<p>He might be Prime Minister now, but it wasn\u2019t that long ago that Rishi Sunak was responsible for raising revenue. But did he introduce \u2018naughty\u2019 or \u2018nice\u2019 taxes?&nbsp;<\/p>\n\n\n\n<p>For many years, women have advocated for an end to the \u2018Tampon Tax\u2019, and Sunak announced that the 5% <a href=\"https:\/\/taxfix.com\/en-uk\/glossary\/vat\/\">VAT<\/a> on women\u2019s sanitary products would be scrapped the following January.&nbsp;<\/p>\n\n\n\n<p>Things didn\u2019t look so good for those affected by the <a href=\"https:\/\/taxfix.com\/en-uk\/glossary\/capital-gains-tax-cgt\/\">Capital Gains Tax<\/a> (CGT) reduction. It reduced the <a href=\"https:\/\/www.gov.uk\/government\/publications\/reduction-in-the-lifetime-limit-for-entrepreneurs-relief-technical-note\/reduction-in-the-lifetime-limit-for-entrepreneurs-relief-technical-note\">Entrepreneurs\u2019 Relief lifetime limit<\/a> on gains from \u00a310 million to \u00a31 million. \ud83d\udcc9<\/p>\n\n\n\n<p>The following Autumn statement was announced amidst the COVID-19 pandemic. Unsurprisingly, it altered the UK\u2019s financial course for the foreseeable future. \ud83d\ude2d&nbsp;<\/p>\n\n\n\n<p>But, after being kept apart via various lockdowns, the Autumn budget revealed a plan to bring us back together. It was announced that from April 2023, flights between airports in England, Scotland, Wales and Northern Ireland would be subject to a new lower rate of Air Passenger Duty. \u2708\ufe0f<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Zahawi&#8217;s tax evasion &#8220;mistake&#8221;<\/h2>\n\n\n\n<p>After Sunak\u2019s two-year stint as Chancellor of the Exchequer, Nadhim Zahawi took the reins.&nbsp;<\/p>\n\n\n\n<p>However, history soon repeated itself, as Zahawi\u2019s position as Chancellor came to an abrupt end after a mere two months. \ud83d\udc80<\/p>\n\n\n\n<p>And the shocking (or not so shocking) part? The Chancellor responsible for raising revenue through taxation was sacked due to allegations surrounding his own tax affairs. <em>Tut-tut-tut <\/em>\ud83d\ude2c<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Kwarteng&#8217;s surprise news<\/h2>\n\n\n\n<p>It\u2019s fair to say that Kwasi Kwarteng\u2019s position as Chancellor was short-lived. But, despite not making it to the height of Autumn before his dismissal, Kwarteng tried (emphasis on tried) to have his say. \ud83c\udf41<\/p>\n\n\n\n<p>In September 2022, Kwarteng delivered \u2018The Growth Plan\u2019 a.k.a <a href=\"https:\/\/taxfix.com\/en-uk\/blog\/2022-mini-budget-the-good-the-bad-the-ugly\/\">\u2018The Mini Budget\u2019<\/a> to the House of Commons.&nbsp;<\/p>\n\n\n\n<p>Here\u2019s what he announced:&nbsp;<\/p>\n\n\n<\/div> <!-- .c-body -->\n\n<div class=\"b-highlight-mini m-blue m-align-left\">\n    <div class=\"b-block-body\">\n        <ul>\n<li>The basic rate of income tax would be brought forward from 20% to 19%<\/li>\n<li>The highest rate of income tax, 45%, in England, Wales and Northern Ireland would be abolished \ud83c\udfd7\ufe0f<\/li>\n<li>Plans to increase corporation tax from 19% to 25% from April 2023 were to be reversed<\/li>\n<li>The April 2022 increase in National Insurance would be reversed<\/li>\n<li>The proposed Health and Social Care Levy would be cancelled \u274c<\/li>\n<\/ul>\n\n    <\/div>\n<\/div> <!-- .b-highlight-mini -->\n\n<div class=\"c-body\">\n\n\n\n\n<p>The public deemed Kwarteng\u2019s taxes to be pretty \u2018naughty\u2019. Less than a month later, following the mini-budget\u2019s poor reception, plans to abolish the 45% tax rate and increase in <a href=\"https:\/\/taxfix.com\/en-uk\/glossary\/company-tax\/\">corporation tax <\/a>were reversed by Hunt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What\u2019s in store for our taxes this year?&nbsp;<\/h2>\n\n\n\n<p>This year&#8217;s Autumn Statement will be delivered on Wednesday 22nd November by the UK\u2019s current Chancellor of the Exchequer, Jeremy Hunt.&nbsp;<\/p>\n\n\n\n<p>And rumours are circulating about what cards Hunt is holding close to his chest.&nbsp;<\/p>\n\n\n\n<p>So, let\u2019s dig into some of this speculation:&nbsp;<\/p>\n\n\n<\/div> <!-- .c-body -->\n\n<div class=\"b-highlight-mini m-purple m-align-left\">\n    <div class=\"b-block-body\">\n        <ul>\n<li>Inheritance Tax cut and abolition &#8211; currently the recipients of estates over the tax-free threshold of \u00a3325,000 are taxed at a rate of 40%. But, rumour has it that this could be cut or even abolished (eventually). \u2702\ufe0f<\/li>\n<li>An increase in the UK\u2019s National Living Wage &#8211; at the Conservative Party conference earlier this month, Hunt announced that workers over the age of 23 can expect the minimum wage to increase from \u00a310.42 to \u00a311 an hour.<\/li>\n<li>ISA fractional shares to be taxed? Discussions with HMRC have already taken place, but we guess we&#8217;ll have to wait and see what Hunt has to say in his Autumn Budget<\/li>\n<\/ul>\n\n    <\/div>\n<\/div> <!-- .b-highlight-mini -->\n\n<div class=\"c-body\">\n\n\n\n\n<p>Of course, there will be a lot more where these rumours came from. But, don\u2019t worry as we\u2019re going to be covering all the changes, tribulations and gossip right here!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chancellor of the Exchequer<\/p>\n","protected":false},"author":9,"featured_media":41823,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[299,306],"tags":[416,70,348],"class_list":["post-29444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-tax-news","tag-benefits-reliefs-grants","tag-capital-gains-tax","tag-income-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The naughty and nice taxes of Autumn Budgets past\u00a0 &#8211; Taxfix (formerly TaxScouts)<\/title>\n<meta name=\"description\" content=\"The Autumn Budget is a yearly statement from the Chancellor of the Exchequer outlining the Government&#039;s plans for raising and spending money.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxfix.com\/en-uk\/blog\/the-naughty-and-nice-taxes-of-autumn-budgets-past\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The naughty and nice taxes of Autumn Budgets past\u00a0 &#8211; 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