Chancellor's Emergency Statement

The new Chancellor Jeremy Hunt has made a statement to the House of Commons to add some detail to the announcements made last Friday and earlier on in the day. As more details of the announcements become available, we will update our Mini Budget resource on the website.
 
The main points of the emergency statement are:
 
Points in the mini budget to be retained are:

• The 1.25% NIC increase which began in April 2022 will be abolished from 6 November
• The Health & Social Care Levy of 1.25% will not be introduced next April
• Cuts to the rates of Stamp Duty Land Tax in England and Northern Ireland will also go ahead

 
Changes from the mini-budget include:

• Dividend tax rates will not be cut next year so they still keep the 1.25% increase that began in April 2022
• Corporation tax will rise to 25% from April 2022 
• Basic rate of income tax will be kept at 20% indefinitely
• The off payroll working deduction rules will be retained

 
The Chancellor has said he will on 31st October publish new fiscal rules for the government alongside forecasts from the Office of Budget Responsibility and further measures. 
 
We are here to help, so if you have any queries or wish to discuss any of the above, then please contact us.