- the planned increase in Corporation Tax to 25% from April 2023 has now been scrapped and will be maintained at the current 19% rate.
- Basic rate of Income Tax cut bringing forward the planned reduction in the basic rate of income tax to 19p by a year to April 2023. The?45p tax rate for top earners over ￡150,000 will be abolished at the same time.
- The introduction of Investment Zones to be established across the UK, that will benefit from lower taxes and liberalised planning frameworks to encourage business investment.?The Government is in discussions with 38 local authorities to establish these zones, Derbyshire County Council and Nottinghamshire County Council are amongst the local authorities currently involved in these talks.
- Repeal of off-payroll working (IR35) reforms. The IR35 Reforms, which rolled into the public and private sectors in 2017 and 2021 respectively will no longer apply from April 2023.
- The 1.25% rise in national insurance contributions (NICs) that came into effect this year will be reversed from 6 November while the Health and Social Care Levy has been cancelled.
- Additionally, the level at which homebuyers will start to pay Stamp Duty Land Tax (SDLT) in England and Northern Ireland has been doubled from ￡125,000 to ￡250,000. First-time homebuyers will pay no SDLT on homes worth ￡450,000, up from the previous price of ￡300,000.
You can read more of the key highlights our experts have summarised here. A more detailed update will be available next week.
The Chancellors Full Growth Plan with biggest package of tax cuts in generations can be read here
