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Parliament Announcements Broken Down - 29-09-2022 - - 0 comments
A Brief overview of the Government's Mini-Budget

KEY POINTS

National Insurance Reversal

The health and social care levy has been scrapped. From 6 November 2022 the 1.25% additional National Insurance has been removed.

Income Tax Reduction

Basic Rate Income Tax will reduce to 19% on 6 April 2023

Additional Rate of Income Tax at 45% will be abolished in England, Wales and Northern Ireland from 6 April 2023 and the 40% Higher Rate will apply instead

Corporation Tax Increase Scrapped

The tiered increases of Corporation Tax from 19% to 25% have been scrapped and will remain at 19%.

IR35 reforms of 2017 and 2021 repealed

The onus will once again be on the contractor (agency worker) for determing there employment status.

Annual Investment Allowance to remain at £1m

The AIA was due to reduce back to £200,000 at the end of this tax year but this has now been scrapped.

SEIS Scheme Widened and enhanced

The SEIS Scheme now allows up to £250,000 for start-up companies and the eligbility criteria has been widened

CSOP Doubled

The Company share option Plan will be doubled from April 2023 from £30,000 to £60,000

Investment Zones

New tax efficent investment zones are to be created where further tax breaks will be available to encoruage growth in specific areas of the country

Stamp Duty Nil Band Increased

Stamp Duty is now not payable until £250,000+ for home buyers and £425,000+ for first time buyers

As always with these changes if you would like to discuss any of this in further detail and see how some of these Schemes may benefit your business please feel free to get in touch.

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