Income tax
- From April 2023, the basic rate of income tax will be cut from 20% to 19%
National insurance
- On 6 November 2022, the 1.25% rise in national Insurance which took effect earlier this year, will be reversed
Corporation tax
- The planned rise in corporation tax has been scrapped
Taxes in general
- As is the case for National Insurance, the 1.25% rise in tax on dividends will also be reversed, however this is not to happen until 6 April 2023
- Annual Investment Allowance for qualifying expenditure on plant and machinery will be permanently set at £1,000,000
IR35
- From 6 April 2023, the 2017 and 2021 reforms to the off-payroll working rules will be repealed. From this date, UK workers providing their services via an intermediary such as a personal service company, will once again be responsible for determining their employment status and paying the appropriate amount of tax and NI
Housing
- From 23/9/22 there is no stamp duty on the first £250,000 of a property (doubled from £125,000)
- First time buyers will now pay no stamp duty up to £425,000 (up from £300,000)
Other
- Household energy bills to be capped at £2,500 for 2 years from 1 October 2022
- Alcohol duties to be frozen for another year
