[23.09.22]

• Cut in basic rate of income tax to 19% from April 2023
• 45% additional rate of income tax abolished for England, Wales and Northern Ireland taxpayers, leaving one single higher rate of income tax of 40% from April 2023
• The recent rise in National Insurance Contributions is reversed from 6th November 2022
• The new Health & Social Care Levy will not be introduced
• The planned increases to Corporation Tax have been cancelled
• The IR35 rules are to be simplified
• The Annual Investment Allowance will remain at £1million indefinitely
• New and start-up companies will be able to raise up to £250,000 under a scheme giving tax relief to investors
• Share options for employees will be doubled from £30,000 to £60,000
• From today there will be no stamp duty on the first £250,000 of a house purchase and for first time buyers that rises to £425,000
• Planned increases in the duties on beer, cider, wine, and spirits is cancelled

Castletons Accountants