The Chancellor, Kwasi Kwarteng has set out a series of measures in the Government’s “Growth Plan” that he believes will boost growth in the British economy.
The main measures are set out below:
- The basic rate of income tax will be reduced to 19p from April 2023 one year earlier than expected
- The highest rate of income tax will be reduced. From April 2023 there will be a single higher rate of income tax of 40%
- There will be a cut in Stamp Duty Tax. First time buyers currently pay no stamp duty on the first £300,000 – that will be raised to £425,000 with immediate effect
- As announced yesterday, 22 September, the National Insurance rate rise that was due to take effect from April has been reversed
- Corporation Tax that had been due to rise from 19% to 25% has now been scrapped
For more information please see GOV.UK