The government published the Autumn Finance Bill 2022 on 22 November 2022. The Bill is officially known as Finance Bill 2022-23. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Statement.

The Autumn Finance Bill will be followed by the main Spring Finance Bill 2023 which will be published after the spring Budget and will cover any remaining tax measures needed ahead of April 2023. Summary of most important changes to the UK Finance Bill is summarised in the following infographic. 

UK Finance Bill Updates

Some of the many measures included within the Bill are:


The government introduced the Energy (Oil and Gas) Profits Levy in May 2022 to respond to exceptionally high prices that mean oil and gas companies are benefiting from extraordinary profits.

European and UK wholesale gas prices reached record highs this year and are expected to remain significantly elevated for the foreseeable future. This is driven by global circumstances, including resurgent demand for energy post COVID-19 and the invasion of Ukraine by Russia.The proposed changes are not expected to have any significant impact on individuals, households and families. In contrast, around 200 companies operating in the UK will pay more tax, however, they will be able to claim additional tax relief through the Energy Profit Levy's investment allowance.


This change will be implemented to support the government's objective of putting the public finances on a sustainable path in a way that is fair, with those on the highest incomes taking on a larger burden. These changes will apply on all income including non-savings, non-dividend income, for taxpayers in England, Wales and Northern Ireland. This will also apply to the savings rates, dividend rates and the default rates which apply for taxpayers across the UK. These changes will not affect Scottish taxpayers. These changes will affect around 792 000 UK taxpayers in April 2023, with more men than women being affected by the changes. 


The dividend allowance is not always an addition to the personal allowance. Sometimes it uses up part of the personal allowance. It should always be remembered that the personal allowance applies to all income. If the taxpayer has income from other sources, only one personal allowance may be claimed.  For a detailed explanation, yuo can visit the HMRC website.



Source:HM Treasury| 28-11-2022