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A few surprises in today's Mini-Budget
In today’s ‘Mini-Budget’ Liz Truss certainly delivered on the pledge made to the 0.1% of the British public that voted for her to be Prime Minister, with new chancellor Kwasi Kwarteng unveiling a package of tax cuts on a scale not seen for 50 years. As announced earlier in the week the national insurance rise is scrapped from 6 November 2022 and the Health and Social Care Levy will now not come into force next year. Also, as expected, the cut in the basic rate of income tax to 19% is brought forward to April 2023, but the surprise was the removal of the additional rate at 45% from the same date.
Help for business was given by reversing the planned rise in corporation tax and some more announcements on the Investment Zones. The government is currently in consultation with 38 local authorities to site these zones across the country. The zones will give benefits on business rates, employer national insurance and enhanced tax relief for expenditure on plant and machinery.
The changes announced today are part of the governments plan to stimulate growth and investment throughout the UK as part of their ‘Growth Plan’.
If you have any questions about how the changes announced affect you or your business please contact us.
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