Liric Emergency Budget Summary 2022

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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 .

 

Liric Emergency Budget Summary 2022