New Chancellor Jeremy Hunt confirms off-payroll working will remain and that income tax rates will not change. Following the Prime Minister’s announcement that corporation tax rates would increase from April 2023, Chancellor Jeremy Hunt has announced the reversal of many tax measures that were introduced at the mini-budget on 23 September. This announcement was made ahead of the Medium-Term Fiscal Plan on 31 October. The Chancellor stated in his speech that more […] By Lisa Brownlow, 18 October 2022
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Time to Pay agreements become more expensive More than 850,000 taxpayers using Time to Pay agreements to pay their tax bills will have to pay more interest due to the hike in the Bank of England base rate. People paying their tax in monthly instalments will be accruing interest at 4.75% from Tuesday as they are charged interest at the base rate […] By Lisa Brownlow, 17 October 2022
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FTSE 250 loses £29bn in a quarter Nearly £30bn has been wiped off the value of FTSE 250 stocks in the past quarter, with this the third quarter in a row that the overall value has fallen. The FTSE 250 – where firms tend to be more exposed to the strength of the British economy than those in the FTSE 100 – […] By Lisa Brownlow, 6 October 2022
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Tax ‘gamble’ divides opinion Kwasi Kwarteng’s strategy of sweeping tax cuts has been labelled reckless by some MPs and commentators, while others have praised it as a bold and necessary move. Paul Johnson, the director of the Institute for Fiscal Studies, said: “The Chancellor announced the biggest package of tax cuts in 50 years without even a semblance of […] By Lisa Brownlow, 3 October 2022
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IMF: Government tax plan ‘likely to increase inequality’ The International Monetary Fund (IMF) has questioned the Government’s financial plans, warning that “large and untargeted fiscal packages” are likely to increase inequality and could undermine monetary policy. The IMF has urged ministers to consider targeted support to families and business rather than sizable tax cuts and higher government spending. In a statement, the IMF […] By Lisa Brownlow, 29 September 2022
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Kwarteng unveils biggest package of tax cuts in 50 years Chancellor Kwasi Kwarteng has set out the biggest package of tax cuts in 50 years in a bid to boost economic growth. The basic rate of income tax will be cut from 20% to 19% from April 2023, while the 45% top rate of tax for people paid more than £150,000 will be abolished. It […] By Lisa Brownlow, 28 September 2022
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