The mini budget Autumn 2022

Mini Budget 2022 – Key points

The new Chancellor Kwasi Kwarteng has announced the so-called ‘Mini Budget’ with a range of changes.  We have set out below the key points to note.

• As widely predicted, the proposed 2023 increase in Corporation Tax rate to a top rate of 25% has been scrapped
• The previous 1.25 percentage point increase in NIC has been reversed saving both employees and employers on NIC.
• On Income tax the 45% top additional rate is to be abolished, and the basic rate cut to 19% from April 2023.  The dividend rate is also to be reduced, effectively cancelling out the increase from April 2022 which matched the NIC rate rise.
• IR35 and Off payroll workers – the controversial changes which were recently introduced for both public and larger private enterprises are to be removed.  An as yet unspecified review of IR35 is also proposed/
• SEIS and CSOP limits to be increased
• Annual Investment Allowance to stay at £1m
• Stamp duty land tax reductions on residential property with the main point being a doubling of the 0% band and increased 0% band for first-time buyers

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