Growth Plan 2022: Practitioner reaction

In her campaign for leadership of the Conservative party and thus Prime Minister Liz Truss gave much prominence to her tax plans – creating clear blue water between herself and Rishi Sunak. She appointed Kwasi Kwarteng as chancellor and his first ‘fiscal event’ came swiftly afterwards. Flagged in advance by the press as a ‘mini-budget’ the Growth Plan and his speech to the House of Commons on 23 September included the largest tax changes for the past 50 years. Unsurprisingly this has produced much comment from tax professionals.

Corporation tax

It came as little surprise that Chancellor Kwarteng fulfilled Truss’s promise to revoke the planned rise in corporation tax rate from 19% to 25% that was due to take effect from April 2023.

While the aim is to make the UK an attractive place for businesses Hogan Lovells partner Elliot...

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