Mini Budget 2022
The Chancellor Kwasi Kwarteng released a ‘Mini-Budget’ in an emergency announcement on Friday 23 September.
Some of the main highlights include:
- reversing of the temporary increase in NICs from 6 November 2022
- a cut in the basic rate of income tax, from 20% to 19%, from April 2023
- cancelling the rise in corporation tax which was due to increase from 19% to 25% in April 2023
- a number of changes to the Stamp Duty Land Tax (SDLT) regime – increasing the residential nil rate tax threshold from 23 September 2022
- Chancellor Kwarteng stated on 3 October that the government would not proceed with the abolition of the 45p tax rate announced at the Mini-Budget on 23 September.
To view a Summary of the Mini-Budget which has been updated following the Chancellor’s announcement on 3 October, please click here:
Mini-Budget-2022 V2.pdf (mercia-group.com)