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 UK personal tax, compliance, and strategic tax planning. He works with business owners, landlords, and property investors across the UK, helping them navigate complex tax legislation while ensuring they remain compliant and tax-efficient. Outside the office, Anthony is a dedicated West Ham supporter and has been a season ticket holder for more than 40 years. He also recommends Dext to clients looking to simplify their bookkeeping and financial processes.
