Mini Budget Headlines

**PLEASE NOTE THAT MOST OF THE CHANGES BELOW HAVE BEEN CANCELLED**

SEE HERE FOR MORE DETAILS

A mini budget, only by name! What are your thoughts?

CANCELLED: Corporation tax increase to up to 25% next year cancelled. It will remain at 19%.

REPEALED: New IR35 rules started in 2017 (public sector) and 2021 (private sector). Presumably, all subcontractors can decide whether they are caught by IR35 rules, contractors don’t deduct PAYE/NIC.

REVERSED: 1.25% increase in NIC and dividends, from November.

ABOLISHED: The additional rates of tax (45% on income over £150k), from April.

DOUBLED: Stamp duty threshold doubled from £125k to £250k.

INCREASED: Stamp duty threshold for first time buyers increased from £300k to £425k.

TAX CUT: Income tax rate cut from 20% to 19% from April 2023.

SCRAPPED: Bankers bonus cap

INCENTIVES: extra tax relief for 40 investment zones.

PUNISHMENTS: Extra incentives/punishments to encourage people to work more/better.

#tax #budget