Lentells Limited

CHARD 01460 64441 | SEATON 01297 20584 | TAUNTON 01823 286274 | PAYROLL 01460 68700
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Friday, 23 September 2022 13:36

Growth Plan 2022

Chancellor Kwasi Kwarteng has announced his mini-budget today. Read our key point’s summary here.  

Taxation

  • Cut in basic rate of income tax to 19% from April 2023
  • 45% higher rate of income tax abolished for England, Wales and Northern Ireland taxpayers. One single higher rate of income tax of 40% from April 2023
  • Reverse recent rise in National Insurance from 6 November. New Health & Social Care Levy will not be introduced
  • Rise in corporation tax from 19% to 25% in April 2023 ha been cancelled

Stamp Duty

  • No stamp duty on first £250,000 for home mover and for first time buyers on first £425,000 comes into force today

Energy

  • Freeze on energy bills to reduce inflation by 5%
  • Total cost for the energy package expected to be around £60bn for the sixth months from October

Other

  • Rules around universal credit tightened
  • IR35 rules to be simplified
  • Annual Investment Allowance remains at £1m indefinitely
  • New and start-up companies able to raise up to £250,000 under scheme giving tax relief to investors
  • Share options for employees doubled to £60,000
  • Rules which limit bankers’ bonuses scrapped
  • Planned increases in the duties on beer, cider, wine and spirts cancelled

Last modified on Friday, 23 September 2022 14:58

        

 
 

Chard Office

17-18 Leach Road 
Chard Business Park 
Chard
Somerset 
TA20 1FA

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01460 64441

Seaton Office

Kingsway
50 Fore Street
Seaton
Devon
EX12 2AD

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01297 20584

Taunton Office

Ash House, Cook Way
Bindon Road
Taunton
Somerset
TA2 6BJ

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01823 286274