Following the announcements from the Chancellors speech on Friday 23rd September, we’ve put together a summary of the key points and some detail around what was said – take a look at our PDF report on the link below.
Dubbed the “mini” budget, the reaction has been anything but mini.
So what were the key points:
- A reversal of the National Insurance increase and abolition of the proposed social care levy – this applies to the 1.25% National Insurance increase payable by employees and employers.
- A reduction to the dividend rates from April 2023, to revert to 7.5% and 32.5%.
- The abolition of the additional rate tax band from April 2023
- A repeal of the “off payroll working” or IR35 measures brought in in 2017 and 2021.
- Increases in the initial stamp duty land tax bandings and bandings for first time buyers
- A cancellation of the proposed increase to corporation tax rates due to come into effect from April 2023, the rate will now remain at 19%.
- Confirmation of energy support packages for both domestic and commercial.
Many of these changes refer to a U-turn or previously announced changes that were upcoming and a revision of rules back to previous legislation.
If you are unsure of the impact of any of these changes on you or your business, do get in touch with the team here at RiverView Portfolio.
