Latest reporting on Chancellor Rishi Sunak's first budget.
ICAEW’s Tax Faculty explains when to expect legislation for various measures announced at the Autumn Statement.
The Chancellor has confirmed that headline rates of income tax and capital gains tax (CGT) will remain at their current levels. However, there were various reductions in key thresholds and allowances, and several others were frozen for longer than previously announced.
The next fiscal event has been delayed until 17 November and a new ministerial team has been appointed at the Treasury.
New Chancellor Jeremy Hunt confirms off-payroll working will remain and that income tax rates will not change.
In a bid to quell the turmoil that has ensued in the financial markets since the mini Budget, Liz Truss has confirmed that the corporation tax rate will increase to 25% from the current 19% rate.
Highlights from the broader tax news for the week ending 12 October 2022, including: updated corporation tax return guidance; and Scottish Budget date.
The new government’s mini-budget cuts headline income tax rates to support its pro-growth agenda, encourage spending and incentivise entrepreneurship.
The Chancellor took some big swings when it came to tax in his mini-Budget.
Voluntary class 2 national insurance contributions are unaffected by the Spring Statement changes, but don’t forget that class 4 losses might need recording separately.
National insurance contributions thresholds will rise for employees and the self-employed, together with the employment allowance for small employers. Class 2 NIC will include a zero-rate band.