Kwasi Kwarteng has announced the biggest bundle of tax cuts since 1972 in his first fiscal statement as Chancellor.
Income tax, corporation tax and stamp duty are among taxes being cut back in a bid to promote growth.
The basic rate of income tax will decrease by 1% to 19% from April 2023, and the 45% additional rate for top earners will be scrapped.
The stamp duty threshold for house-buyers in England and Northern Ireland will be doubled from £125,000 to £250,000, and first-time buyers will not pay stamp duty on homes worth £425,000.
The Chancellor estimated that the energy bill relief scheme, announced earlier in September, is worth over £60bn over the next six months from October.
As anticipated, the Government is reversing the 1.25% percentage point in National Insurance, effective immediately. The planned rise in corporation tax will also be scrapped, along with the cap on bankers' bonuses.
Please see our guide as below;
Mini Budget Guide
More details can be found on the government website;
https://www.gov.uk/government/news/chancellor-announces-new-growth-plan-with-biggest-package-of-tax-cuts-in-generations
If you would like to discuss how these measures will effect you or need any further information, please contact us.
