17 October update
On 17 October, the new Chancellor of The Exchequer, Jeremy Hunt, brought forward a number of measures from the late October Medium-Term Fiscal Plan. These reversed most of the changes that had been announced by his predecessor, Kwasi Kwarteng, on 23 September.
Mini-Budget almost entirely reversed
New Chancellor Jeremy Hunt cancels most tax cuts within the Budget, while also reducing the scope of the Energy Price Guarantee to six months.
Chancellor statement: certainty on some mini-budget tax measures
New Chancellor Jeremy Hunt confirms off-payroll working will remain and that income tax rates will not change.
Corporation tax rate to increase to 25% from 1 April 2023
Following news in October 2022 that the corporation tax rate will increase to 25% from 1 April 2023, the Tax Faculty has updated this article to reflect the confirmed increase in diverted profits tax and additional details have been provided on applying the profit limits and the rules for ring fence profits.
Government business energy plan revealed
Businesses will automatically receive a reduction in energy costs from 1 October 2022.
News and insights
The PM’s first 100 days: what needs to happen?
On the latest ICAEW Insights podcast, we discuss the economic challenges facing new Prime Minister Liz Truss, and the policy commitments made during the summer’s campaign trail.Listen now
A look at how supply difficulties, rising electricity prices and sanctions against Russia are contributing to turmoil in energy markets and what businesses can do to lessen the impact.Read more
Letters to the government
Insights Special: Inflation
A closer look at the impact of inflation on people, businesses, accountancy and the wider economy, bringing together the best expert opinion, data and analysis from ICAEW and its members.Read more