Mini Budget 2022

Headlines from todays ‘mini’ budget are:

  • Basic rate of UK income tax reduced from 20% to 19% from April 2023 (doesn’t apply to Scottish rates of tax)

  • 45% rate of tax removed for UK taxpayers (doesn’t apply to Scottish rates of tax)

  • Stamp duty threshold to be raised to £250,000 for England and Northern Ireland

  • Planned rise in Corporation tax scrapped so remains at 19%

  • Increase in NI to be reversed

Full details are as per the light reading below!

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105989/CCS207_CCS0822746402-001_SECURE_HMT_Autumn_Statement_2022_BOOK_Web_Accessible.pdf

Jamie Browntax, hmrc, corporation tax, national insurance