Following a negative response to September’s Mini-Budget and turbulence in the financial markets, the Prime Minister has had to abandon some of the planned tax changes. In another effort to calm financial markets, the new Chancellor, Jeremy Hunt, announced further changes and u-turns today.
What’s staying
What’s going
No Health & Social Care Levy
NIC increases reversed
AIA to stay at £1m
No Stamp Duty to £250k or £450k for 1st time buyers
New Investment Zones
SEIS and CSOP limits increased
EIS and VCT reliefs extended beyond 2025
Business energy rates discounted for 6 months
Domestic energy price cap (but now to end in April 2023)
Corporation tax freeze at 19%
Income tax cut to 19%
45% additional rate tax abolished
VAT free shopping for tourists
IR35 reforms repeal
Alcohol duty freeze
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Jon has many years of experience dealing with both OMB's and large international businesses. He advises management teams, shareholders and their businesses.
