Emergency Statement on Mini-Budget
- Richard Hitchell
- Oct 19, 2022
- 1 min read
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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