Mini Budget 2022 – Summary

September 26, 2022

In last weeks Mini Budget, the Chancellor, Kwasi Kwarteng, unveiled major changes to tax and National Insurance.

There were some significant announcements which could have major impacts on you and your business. The key takeaways were

  • National Insurance rate increase will be reversed
  • Corporation Tax will remain at 19%
  • IR35 to be simplified with repeal of 2017 and 2021 reforms
  • Additional rate of Income Tax to be abolished from April 2023
  • Basic rate of Income Tax to be cut from 20% to 19% from April 2023
  • Increase in tax rate on dividends to be reversed
  • Annual Investment Allowance will remain at £1m permanently
  • Stamp duty thresholds increased

You can read a summary of all the measures in our Mini Budget 2022 Summary.

Gary Olding

Gary is the National Head of Tax and oversees our Tax Compliance and Medical Tax Teams. When not dealing with clients he is supervising operations, troubleshooting, and optimising workflows.

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