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...
