Growth Plan 2022: Issues for corporates - a maximalist mini-Budget

Sarah Osprey

Reducing tax bills by cancelling tax policies

Being part of the government’s Growth Plan the mini-Budget was (of course) focused on growth. The intention for tax cuts to drive said growth was front and centre of the day’s proceedings.

Many announcements were as expected – including cancellation of the 1.25% NICs rate rise (and cancellation of the 1.25% Health and Social Care Levy which was due to replace it) cancellation of the 1.25% increase in dividend tax rates and cancellation of the planned increase in corporation tax rates from 19% to 25% (with consequent reversals of the planned changes to the banking surcharge and DPT).

Others were big surprises including cancellation of the additional rate of income tax and cancellation of the recent IR35 reforms. The latter means repeal (from April 2023) of the off-payroll working regime. The intention here is more to cut compliance costs (rather than tax...

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Reducing tax bills by cancelling tax policies

Being part of the government’s Growth Plan the mini-Budget was (of course) focused on growth. The intention for tax cuts to drive said growth was front and centre of the day’s proceedings.

If you are not a subscriber, subscribe now to read this content.

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Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

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