https://liricaccount.wpengine.com/wp-content/uploads/2022/11/liric_accountants_website_new-300x198.png 0 0 George Bruce https://liricaccount.wpengine.com/wp-content/uploads/2022/11/liric_accountants_website_new-300x198.png George Bruce2022-09-27 15:18:302022-09-27 15:18:31Liric Emergency Budget Summary 2022
Liric Emergency Budget Summary 2022
Last Friday Chancellor Kwasi Kwarteng set out an Emergency Budget for the UK, focused on growth. He outlined three priority areas: reforming the supply side of the economy, maintaining a responsible approach to public finances, and cutting taxes to boost growth.
Kwarteng’s budget has been described as the biggest tax cutting budget for half a century. We have highlighted the significant points from the Chancellors budget below:
- Reversal of the April 2022 increase in National Insurance rates with effect from 6 November 2022
- Cancellation of the Health and Social Care Levy that was to be introduced in April 2023
- Cancellation of the 1.25% addition to dividend tax rates that was introduced in April 2022, with effect from April 2023
- Basic income tax rate cut to 19% a year early, from April 2023
- Abolition of 45% rate of tax on incomes above £150,000 from April 2023
- Cancellation of planned corporation tax increase to 25% in April 2023: the rate will remain 19%
- Increases in thresholds for Stamp Duty Land Tax with immediate effect
- From April 2023, repeal of the ‘off-payroll working’ measures introduced in 2017 and 2021
- Confirmation of energy cost support packages
For further details on these key areas, along with a full summary of the Emergency Budget 22/23, click the link below to download our summary.
If you have any questions relating to any of the areas within the Emergency Budget, please contact us .