Updated 14 October 2022
The new Government’s Growth Plan (‘Mini Budget’) brought significant tax changes. How will they affect people and businesses?
Chris Smith, our Director of Personal Tax, sat down with Anthony Newgrosh, our Head of Business Tax to explore the Growth Plan and its implications including:
- Income tax reduction: how will it affect landlords, self-employed people and remuneration by dividends?
- On 3 October 2022, after the filming of our video, Chancellor Kwasi Kwarteng announced that ‘we are not proceeding with the abolition of the 45p tax rate.’
- Corporation tax cut: what will it mean for employers and businesses?
- On 14 October 2022, after the filming of our video, Prime Minister Liz Truss announced the cancellation of this corporation tax cut. In other words: as announced by the previous Government, from April 2023 the corporation tax rate will increase from 19% to 25% for firms making more than £250,000 profit.
- Off-payroll working rules (IR35)
- Seed Enterprise Investment Scheme (SEIS)
- Investment Zones: should businesses be thinking about relocating?
- Stamp duty land tax changes: implications for homebuyers
To discuss how the Growth Plan could affect you, your employees or your business, please get in touch with your usual BKL contact or use our enquiry form.
Our Growth Plan 2022 (‘Mini Budget’) coverage also includes: