United Kingdom personal tax at a glance – November 2022

These emails are designed for individuals with interest in United Kingdom taxation. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.

November 2022

  1. In September 2022, the level at which first-time buyers start paying stamp duty increased from £300,000 to £450,000.
  2. The UK has different capital gains tax rates for residential property (18%/28%) and all other chargeable assets (10%/20%).
  3. London has over 170 museums, with 11 national museums including the British Museum.
  4. HMRC first introduced internet filing of self-assessment tax returns on 03 July 2000.
  5. The majority of tax receipts come from three main sources: income tax, national insurance contributions (NICs) and value added tax (VAT). Together they raised over £530 billion in 2021/22.
  6. The London 2012 Olympics was the first time that every country had at least one female athlete competing.
  7. In the UK, where an individual’s gross income exceeds £100,000 per annum, they will be requested by HMRC to file a self-assessment tax return.
  8. In the UK, when individuals earn above £100,000, their tax-free personal allowance gets reduced by £1 for every £2 of income above £100,000.
  9. The UK is the only country not required to name itself on its postage stamps.
  10. In the UK, individuals who are self-employed pay class 2 and class 4 national insurance.

This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice. 

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