Mini Budget - September 2022

Please note the information in this post has now been superseded by the new Chancellor's reversal of the 2022 Emergency 'Mini Budget' - see full details here

The new Chancellor of the Exchequer, Kwasi Kwarteng, has today delivered his “mini budget” to Parliament with some significant announcements including: 

• Reducing the basic rate of Income Tax from 20% to 19% from April 2023 (one year earlier than planned);
• Scrapping the 45% additional rate of Income Tax from April 2023;
• Scrapping the 1.25% increase in National Insurance Contributions from 6 November 2022; 
• Reversing the 1.25% increase in Dividend Tax rates from April 2023; 
• Scrapping the increase in Corporation Tax from April 2023 so remains at 19%; 
• Annual Investment Allowance to remain at £1 million;
• 2017 and 2021 IR35 Off Payroll Working changes repealed;
• Stamp Duty Land Tax threshold before you pay any is raised to £250,000 and to £425,000 for first time buyers. 

The government has billed these announcements as part of a "Growth Plan" and a full Budget speech is still expected to take place later this year.   

We will continue to monitor the Government press releases as they are issued and bring you further information as soon as we know it. We are here to help, so if you have any queries or wish to discuss any of the above then please contact us.