Today’s Mini Budget; What Has Been Announced?

September 23, 2022

Chancellor Kwasi Kwarteng has today outlined a series of tax cuts and economic measures to stimulate growth in the UK:

Income tax – Top rate (45% for earners over £150k) scrapped and basic rate cut from 20% to 19%, effective April 2023

National Insurance – The 1.25% rise in NI that was brought in April 2022 will be scrapped as well as the increase in Employer National Insurance Contributions and dividends tax, all from November 6th

Corporation Tax – Contrary to current tax cuts, cancelled future increase to 25%, rate to stay at 19%

IR35 – Recent reforms to the Public Sector (2017) and Private Sector (2021) will be scrapped.

Infrastructure – Planning rules for major projects to be simplified

Strikes – Minimum service guarantees to prevent future industrial action

Bankers Bonuses – The limit of bonuses set at 200% of salary will be scrapped

Universal Benefits – More encouragements for people to return to the labour market who are able

Stamp Duty – No stamp duty to pay on the first £250k of a property’s value (doubled from £125k) and first time buyers will pay nothing on the first £425k of a property’s value (up from £300k)

Duty – Recent rises in tax on beer, cider, wine and spirits will be scrapped

Tourism – Overseas shoppers in the UK will no longer have to pay VAT on their purchases

Tax Simplification – Office of Tax Simplification to be wound down


Written by:

Michelle Smith

Marketing Director

With over 10 years marketing experience, I head up the marketing function across all of the PRG brands. I'm passionate about maintaining and enhancing the PRG brands, supporting business strategy and adding value to clients. I am highly experienced in leading marketing campaigns that consistently achieve challenging business goals with areas of expertise including digital marketing, content strategy, events / meet-ups, PR, advertising and internal / external comms. I work alongside many of our clients in helping to develop and implement their employer brands (EVP) and in the creation and implementation of marketing campaigns to reach niche targeted talent.

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