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The Growth Plan - mini-budget 2022

The key announcements from Chancellor, Kwasi Kwarteng's mini-budget:

  • Basic rate tax will change from April 2023 from 20% to 19%

  • National Insurance increase of 1.25% has been cancelled from 6 November 2022

  • Increase on dividend tax by 1.25% will be reversed from April 2023

  • The additional tax rate of 45% will be abolished from April 2023

  • The planned rise to 25% in corporation tax from next year will also be cancelled

  • Annual Investment Allowance (AIA) - tax relief on equipment investments will remain at £1m permanently and not reduced to £200,000 as previously planned

  • Stamp duty will be cut from today (23 September 2022), so the first £250,000 of property's value will be stamp duty free. The threshold for first time buyers will increase from £300,000 to £425,000 and the amount on which the relief can be claimed will also increase from £500,000 to £625,000.

  • IR35 - off-payroll working rules will be repealed from 6 April 2023 and from this date the contractors will be able responsible for determining their employment status and paying the right amount of tax and National Insurance contributions, as it used to be before the reforms in 2017 and 2021.

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