What's left from the mini-Budget?
The new chancellor has today scrapped most of the mini-Budget announcements. Have any of the announcements from 23 September survived the latest round of U-turns?
Jeremy Hunt has today announced that the cutting of the basic rate of income tax, from 20% to 19%, would be postponed indefinitely - until “economic conditions allow a reduction”. This had been rumoured toward the end of last week, but that wasn’t the end of the U-turns. The planned cutting of dividend tax (which was increased in line with NI) has also been scrapped, as has the reversal of the off-payroll working rules. The cap on energy bills that was set to last for two years will now be reassessed in April.
The only major measures that remain from the mini-Budget are the changes to NI, stamp duty land tax, and the permanent increase of the annual investment allowance to £1 million.
Related Topics
-
Planning ahead for pension salary sacrifice changes
From 6 April 2029, both employers and employees will be required to pay Class 1 NI on pension contributions in excess of £2,000 made through a salary sacrifice arrangement. What can you do about it?
-
Marginal relief - responding to an HMRC nudge letter
HMRC is running a campaign to clamp down on incorrect claims for corporation tax marginal relief (MR). In what circumstances might you be challenged by HMRC and how should you respond?
-
Can you claim input tax on costs linked to electric cars?
Your business intends to go green and buy new electric cars. Can you claim input tax on the purchase of the vehicles and their subsequent fuel costs? Additionally, what recent change has been announced by HMRC?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.