What Was Announced in the Chancellor’s Emergency Mini-Budget?

23 September 2022

Today, the Chancellor, Kwasi Kwarteng, unveiled some tax cuts as part of his emergency mini-budget revealed as The Growth Plan

Here’s what he included:

  • Income Tax – Basic rate is to be cut from 20p to 19p from April 2023, and the 45p additional rate is to be abolished.
  • Corporation Tax – The Chancellor has cancelled the planned increase from 19% to 25%.
  • National Insurance (NI) – NI will be cut by 1.25% points from 6 November. The Health & Social Care Levy to pay for the NHS has also been cancelled.
  • Annual Investment Allowance – the amount companies can invest tax-free will remain at £1m indefinitely.
  • IR35 – Off payroll working rules, or IR35, are due to be simplified, with the reforms of recent years due to be repealed.
  • Stamp Duty – Has been cut for those in England and Northern Ireland. No stamp duty will be due on the first £250,000, and for first-time buyers, that rises to £425,000.
  • Seed Investment Scheme (SEIS) – New companies will now be able to raise up to £250,000, giving tax relief to investors.

If you have any questions about how the changes in the mini-budget affect you, please don’t hesitate to contact us.

Author
Scott Harris FCCA,Director
What Was Announced in the Chancellor’s Emergency Mini-Budget?

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