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