New Chancellor Jeremy Hunt has announced that almost all of the recent ‘mini-budget’ tax measures will be reversed.
The Chancellor said, “We will no longer be proceeding with the cuts to dividend tax rates, the reversal of off-payroll working reforms, the new VAT-free shopping scheme for non-UK visitors or the freeze on alcohol duty rates”.
Markets have responded positively to the statement so far as the pound rose and government borrowing costs fell.
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There was further news on the Energy price guarantee that will no longer last two years, it will now last until April 2023 and then be reviewed.
The only ‘mini-budget’ survivors are Stamp Duty and National Insurance cuts.
Stamp duty is now paid on the first £250,000 of a property’s value for all buyers in England and Northern Ireland. £425,000 for first-time buyers.
Class 1 and Class 4 National Insurance contributions will be reduced by 1.25% from November and cancelling the introduction of the Health and Social Care Levy as a separate tax from April 2023.
The Chancellor will give more details in a statement to the House of Commons later today.