New Chancellor Reverses Key Tax Measures


We witnessed an extraordinary post budget U-turn in our economy today. £45bn of unfunded tax cuts has in three weeks seen a £32bn reversal. The new budget measures will have a real impact, particularly on the targeting of energy bills after April 2023.

We will update our Budget PDFs with the new rates soon, but for now a summary of the new chancellor’s (Jeremy Hunt) measures, bringing forward measures from an economic plan due 31 October:

  1. scrapping of almost all tax measures announced in September’ mini-budget three weeks ago
  2. basic rate of income tax will remain at 20p indefinitely instead of reduced to 19p
  3. planned cuts to stamp duty and National Insurance will go ahead
  4. cap on energy bills now guaranteed until April next year, but then to be reviewed
  5. Corporation Tax – cancelling the rise from 19% to 25% scrapped
  6. Alcohol Duty – freezing rates scrapped
  7. VAT – Tax-free shopping for non-UK visitors scrapped
  8. (in addition to last week’s u-turn – 45p income tax on over £150k earners will not be scrapped)
  9. Stamp duty – no duty on first £250,000 of property value (England), retained
  10. No duty on first £425,000 for time buyers – retained

Let’s Talk

For advice on the impact of these tax changes, talk to our tax team. Request a callback on Let’s Talk.

Sign up to our News and Updates


By clicking OK you are agreeing to the terms set out in our Cookies Policy and Privacy Policy.

Cookie Policy » Privacy Policy »