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Mini Budget Summary – Update

Posted: 28th Sep 2022 by Clair Watmore Taxation

As the saying goes, a week is a long time in politics. However, recent events have been unprecedented. At the Mini Budget a new Prime Minister and Chancellor launched a new agenda, ‘The Growth Plan’.

Three weeks later, after huge turmoil, a reversal of most of the elements of that plan and a new statement planned for 31 October. This is now being referred to as the Medium-Term Fiscal Plan, where the Chancellor will publish the government’s fiscal rules alongside an Office for Budget Responsibility
forecast, together with what are described as ‘further measures’. The changes outlined on 17 October are designed to ensure the UK’s economic stability and provide confidence in the government’s commitment to fiscal discipline. Below, we have outlined the current position.

National Insurance contributions – Changes to the Health and Social Care Levy

Income tax – Changes to the basic and additional rates of income tax

Business – Highlighting corporation tax, capital allowances, SEIS, CSOP and Investment Zones

Stamp Duty Land Tax – Changes to the residential SDLT bands

Energy bills – A summary of the plans for business and households

Other matters – Highlighting IR35, benefits and duties