We posted a few weeks ago our budget report following the announcements made as part of the Emergency or “mini” budget – but given the unravelling of the announcements over those subsequent weeks, it has us wondering whether it even happened! We do know there will be another budget mid November so we will sit tight and see what that will bring…

But for now let’s recap what has happened since those announcements a few weeks ago:

• Dividend tax rates will remain at the same level as the current tax year, meaning rates will be:
  • Basic – 8.75% 
  • Higher – 33.75% 
  • Additional – 39.35% 
• The repeal of off payroll working (IR35) reforms from 2017 and 2021 will no longer proceed 

• The introduction of the VAT free shopping scheme for non-UK visitors will no longer proceed 

• The planned freeze to alcohol duty from February 2023 will no longer proceed 

• The reduction to the basic rate of income tax from 20% to 19% will no longer proceed 

• The changes to corporation tax will remain, meaning potential rate of 25% from April 2023 

• The additional rate band for income tax will remain 

The only survivors of the announcement appear to be: 

• The removal of the increase to National Insurance and the social care levy 

• Increases to the initial SDLT threshold and increase to first time buyer thresholds 

In addition, the energy support measures announced that for domestic use was to cover a 2 year period have now been restricted to 6 months and a review to take place about what (if any) support looks like going forward.

It can be easy to get lost with these constant changes – if you aren’t sure on the impact of any of these to your business then get in touch.