Our Summary

Key points announced by the Chancellor

We summarise below the key points in last

Friday’s Growth Plan

Chancellor, Kwasi Kwarteng

This came a day after the government announced that the Health and Social Care Levy (HSCL) of 1.25% due to be introduced from April 2023 will not now go ahead – and that the 1.25 percentage point uplift in National Insurance contributions (NICs) rates that was introduced in April 2022 will end on 6‌‌‌ ‌‌November 2022:-

  • bringing forward the 1 percentage point cut to the basic rate of Income Tax to April 2023 and abolishing the additional rates of Income Tax – accompanied by changes to the dividend tax rate
  • the cancellation of the planned increase to the Corporation Tax (CT) main rate from 19% to 25% – with the main rate remaining at 19% from 1‌‌‌ ‌‌April 2023
  • the repeal of reforms to the Off-Payroll Working (OPW) rules introduced in the public sector in 2017 and extended to medium and large-sized organisations in the private and voluntary sectors in 2021 – with workers providing their services via an intermediary once again responsible for determining their employment status and paying the correct amount of tax and National Insurance contributions from 6‌‌‌ ‌‌April 2023
  • a freeze on Alcohol Duty rates from 1‌‌‌ ‌‌February 2023, and further details of the government’s reforms to alcohol taxation
  • confirmation that the Annual Investment Allowance (AIA) will be set at £1 million permanently, originally raised from £200,000 as a temporary measure in January 2019 (and due to end in March 2023)
  • the introduction of new investment zones around the UK where enhanced tax reliefs will be offered for Stamp Duty Land Tax (SDLT), Enhanced Capital Allowances, Structures and Buildings Allowance and Employer National Insurance contributions
  • an expansion of the Seed Enterprise Investment Scheme (SEIS) to help more UK start-ups raise higher levels of finance – doubling the annual investor limit to £200,000, increasing the gross asset limit to £350,000 and making it easier for investors to claim tax reliefs, due to come into force from 6‌‌‌ ‌‌April 2023
  • changes to the Company Share Option plan (CSOP) scheme – increasing the employee share option limit from £30,000 to £60,000 and removing a condition which limits the types of shares eligible for inclusion within the scheme, both due to take effect from 6‌‌‌ ‌‌April 2023

If you have any queries, please do not hesitate to contact us.

Please be assured, once again, that we are only a phone call away, and do not hesitate to contact us if we can be of any assistance.

Please remember to visit our website www.fc-accountants.co.uk for regular up-dates and features.

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