Mini Budget

If you weren’t keeping up with the mini-budget this morning, we have gathered some of the highlights, predominantly for business:

Overall message: “A new era for Britain”, with a focus on boosting growth, productivity and competitiveness

Basic rate of income tax to be cut to 19p from April

Higher income tax rate to be reduced down to 40p from 2023

NI rise to be reversed in November – the Health and Social Care levy will be cancelled

Corporation tax increase to be cancelled and will remain at 19% – the lowest in the G20

Energy bills for businesses will be capped at the same level as the average household. The government hopes that its £60bn energy bills package will reduce peak inflation by 5%

A focus on enterprise zones, with liberalised planning rules to accelerate development

In early talks with 40 areas across the UK to create new enterprise zones ; Heavy incentives are included on stamp duty and tax reliefs

The government will reppeal the 2017 and 2021 IR35 reforms as part of its tax ‘simplification’ focus, but will “keep compliance closely under review.”

The introduction of VAT-free shopping for overseas visitors

Planned rises in alcohol duties will be cancelled to support the brewery sector

The increase in employer NIC and dividends tax will be cancelled

Cuts in stamp duty for first time buyers, with nothing to pay on properties up to £425,000

A rise in the threshold to £250,000 for all other residential properties

They estimate that this takes 200,000 out of paying stamp duty altogether

These are permanent measures effective from today

All this has been announced without a forecast from the Office for Budget Responsibility

 

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