top of page

Mini Budget 2022 Highlights

Chancellor Kwasi Kwarteng has drawn up a package of measures aiming to boost economic growth, helping people and businesses survive the cost of living crisis.

Details of these measures are included below:



  • Kwasi Kwarteng announced the day before the mini-budget the 1.25 percentage point rise in national insurance will be reversed from 6 November.

  • The Chancellor has confirmed benefit claimants working up to 15 hours a week are required to take new steps to increase their earnings or face having their benefits reduced.

  • The Government will legislate to put new conditions on unions wanting to strike to ensure minimum services continue during strikes.

  • The cap on bankers' bonuses will be lifted.

  • The Government is scrapping a planned increase in Corporation tax that had been due to rise from 19% to 25%.

  • Low-tax investment zones will be created with no stamp duty to pay on newly occupied business premises, no business rates to pay and no national insurance on the first £50,000 earnt by new hires.

  • The Government will introduce VAT-free shopping for tourists.

  • Planned increases in duty rates for beer, cider, wine and spirits will be cancelled.

  • No stamp duty will be paid on the first £250,000 of a property, and for first-time buyers the threshold will be £425,000.

  • The basic rate of income tax to be cut to 19p in April 2023 – one year early.

  • The top rate of income tax of 45% rate for earnings over £150,000 to be abolished.

 
 
 

Comentarii


Contact us - phone

CONTACT US

We’ve been providing expert financial advice for more than 45 years. Over the course of that time, we’ve learnt a lot about what our clients want and need, and how we can best serve their needs.

Enter your details & we'll be in touch to discuss your needs. Alternatively, contact us directly and speak to a member of the team.

01892 532700
Please contact me by

The internet is not a secure medium and the privacy of your data cannot be guaranteed.

Privacy policy l Best Execution Policy l Client Classification l Conflicts of Interest Policy l Your guide to making a complaintTerms of Use | 2nd floor, 8 Lonsdale Gardens, Tunbridge Wells, TN1 1NU

 

 

Hitchell Financial Planning Ltd is an appointed representative of 2plan Wealth Management Ltd which is authorised and regulated by the Financial Conduct Authority. Hitchell Financial Planning Ltd is entered on the FCA register (www.fca.org.uk) under reference 211675

Registered office: 2nd Floor, 8 Lonsdale Gardens, Tunbridge Wells, TN1 1NU. Registered in England and Wales Number: 07283512

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers in the UK.

 

© 2024 Hitchell Financial Planning

bottom of page