top of page

Emergency statement delivered today

The new Chancellor, Jeremy Hunt, has issued an emergency statement announcing the reversal of almost all of the tax measures outlined previously in the mini-budget. A summary of the key points can be read below:


- Basic income tax rate cut by 1p to 19%

- Off-payroll working rules (IR35) will no longer be repealed, meaning end clients will remain responsible and liable for determining employment status

- The cancellation of the corporation tax rise from 19% to 25%

- 2-year universal energy support package

- The removal of the 45p rate of income tax for highest earners

- VAT-free shopping scheme for non-UK visitors

- Freeze on alcohol duty rates

Continuing to go ahead

- No cap on bankers’ bonuses

- Reversal of the planned 1.25% rise national insurance

- No stamp duty on the first £250,000 of a property’s value, or the first £425,000 for first time buyers

The Chancellor's full plan will be published on 31st October.

For further information about how this could affect your business, please contact

45 views0 comments


bottom of page