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Mini Budget!

The new Chancellor announced his mini budget early this morning. While new measures were introduced, several planned tax increases were cancelled.

  • Basic rate of tax reduced from 20% to 19% from April 2023.

  • There has been no increase in personal allowances or the level at which the 40% tax rate starts.

  • The 45% top rate of tax will be abolished from April 2023.

  • The NIC increase of 1.25% which started in April 2022 is cancelled as from 6 November and the Health & Social Care Levy which would replace it in April 2023 will no longer go ahead.

  • The level at which Stamp Duty starts increases from £125,000 to £250,000, and for 1st time buyers increases to £425,000.

  • IR35 reforms to be repealed.

  • Corporation Tax increase cancelled, so the rate for small businesses will remain at 19%.

  • Annual Investment Allowance reduction cancelled.

What Does It Mean For Your Income

The cancelling of the NIC increase could lead to “savings” of up to £330.

The reduction of basic rate tax to 19% and the abolition of the 45% rate will lead to the the below savings, which increase the more you earn.

Annual Income Saving on Income Tax for 2023/24 per annum

£40,000 £275

£70,000 £377

£200,000 £2,877

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