17 October 2022 - summary of tax changes

Below is GMcG’s summary of Chancellor Jeremy Hunt’s changes to the previously announced measures in the mini-Budget. The Chancellor has confirmed there will be another fiscal event on 31 October. As many of the measures are subject to legislation, the details may change during the legislative process and should therefore be kept under review.

UNCHANGED
  • Stamp Duty Land Tax – no duty on first £250,000 of property’s value
  • National Insurance - reversing 1.25% rise
  • First time buyers - no duty on first £425,000 of property’s value
SCRAPPED
  •  Corporation Tax - cancelling the rise from 19% to 25%
  •  Income Tax - Removal of 45% top rate for high earners
  • Income Tax - Cutting basic rate by 1p to 19p
  • Income Tax - reduction of Dividend tax rates by 1.25%
  • Alcohol Duty - freezing rates
  • VAT - Tax free shopping for non-UK visitors
  • IR35 - abolition of 2017, 2021 reforms

 

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