Chancellor’s Mini Budget – 23rd September 2022


The Chancellor has today delivered a Mini Budget to the House of Commons, with a backdrop of rising living costs.  The headlines of the Statement include:
  • 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
As always, the devil is in the detail!  We will inform you of any further changes as we learn of them.

Castletons Accountants

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