BREAKING NEWS – today’s announcements from Jeremy Hunt

BREAKING NEWS – today’s announcements from Jeremy Hunt

By Published On: 17 October 2022Categories: Budget, Limited Company, News, Small Business Owner, TaxTags:

Jeremy Hunt, The Chancellor of the Exchequer, has today scrapped the majority of tax cut plans that were announced in the government’s ‘growth plan’ mini-budget by Kwasi Kwarteng on 22 September 2022.

As part of his ‘Growth Plan’, Kwarteng had set out a number of tax cuts designed to support the growth of the British Economy. However, following widespread criticism and instability in financial markets, Mr Kwarteng was replaced with Jeremy Hunt who has scrapped all of the growth plan changes bar the planned cut to stamp duty and National Insurance. As of today, 17th October 2022, the only changes still going ahead are:

  • NI (health and social care levy) increase of 1.25% has been repealed from 6th November 2022
  • Stamp duty 0% threshold increased to £250,000

Note: All the information and advice in this blog post was correct at the time of writing.

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