Mini-Budget reversals

The tax reductions set out in the Kwarteng/Truss mini-budget of 22 September 2022 have been scrapped, apart from the cancellation of the NIC increase for 2022-23, the withdrawal of the Healthcare Levy from April 2023, the changes to Stamp Duty Land Tax and the increase in the Annual Investment Allowance.

As we are confronted with yet a further new face at 10 Downing Street, the cabinet may need more time before announcing their plans for the economy.

We will be reporting on these developments in the next newsletter.

Hopefully, the new government will be mindful that recent changes in political circles have had a disastrous impact on small businesses across the UK. Double digit inflation and higher interest rates are compounding external pressures and making life difficult across multiple business sectors.

Source:HM Government| 02-11-2022

Other Budget Summary

Spring Budget 2023: Highlights

Posted on 15th Mar 2023

Mini-Budget reversals

Posted on 3rd Nov 2022

Mini-Budget 23 September 2022

Posted on 23rd Sep 2022

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