The new Chancellor, Jeremy Hunt, has just held a press conference to announce that all measures from the September mini-budget not already on their way through parliament will be cancelled.
He said that the cuts to National Insurance and Stamp duty will go ahead. All other measures will be cancelled.
In his announcement, he confirmed that:
- The reduction to corporation tax will not go ahead (as announced on Friday)
- There will be no cut to dividend tax
- The IR35 2017 and 2021 changes will not be reversed
- The VAT free shopping scheme will not go ahead
- The freeze on alcohol duty will not go ahead
- Income tax will remain at 20% indefinitely, until economic circumstances allow it to be cut.
In terms of the energy price guarantee, this was due to be in place for two years. The measures in place to April 2023 will remain, but there will be a Treasury-led review of support beyond that to give a new approach “to save taxpayers money while targeting support to those most in need”. Business support will go to those most affected and will incentivise energy efficiency
Walker Accountancy 