The basic rate of tax will be cut from 20p to 19p from April 2023, a year earlier than expected. Also from April 2023, the 45% top rate of tax paid by those earning in excess of £150,000 will be abolished meaning that the highest rate of tax will be 40% for all.
The 1.25% increase in NI, which has been in force since April has been reversed, with effect from November 2022.
The proposed increase in the Corporation Tax from 19% currently to 25% has been cancelled.
No Stamp Duty to be paid on the first £250,000. First-time buyers currently pay no Stamp Duty on the first £300,000 of a property. This will now be increased to £425,000 with immediate effect.
The proposed increase to beer, wine, cider and spirits has been cancelled.
If you have any questions about these matters, please do not hesitate to contact a member of the team by filling the contact form.
Anthony Burrell is the Tax Director at Golding Accountancy, specialising in personal tax, compliance, and tax planning. He works closely with business owners and landlords, helping them navigate complex tax rules and ensure they pay the right amount of tax. Anthony is particularly experienced in advising property investors. Outside the office, he is a dedicated West Ham supporter and has been a Season Ticket holder for over 40 years. Anthony often recommends Dext to clients for simplifying bookkeeping and financial processes.
