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Emergency Statement on Mini-Budget



 

  • In the mini-budget the basic rate of income tax was cut to 19% from April 2023. The chancellor has scrapped these plans and it will remain at 20%

  • The top rate of income tax will remain at 45%.

  • Corporation tax will increase from 19% to 25% in April 2023.

  • The energy price guarantee, will only last until April 2023.

  • Planned increases in the duties on beer, for cider, for wine, and for spirit will go ahead.

  • The Government will no longer introduce VAT-free shopping for tourists.

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