Mini Budget Sep 22 Highlights

Income tax

Cut in basic rate of income tax to 19% (from 20% on any annual earning between £12,571 to £50,270 )
One single higher rate of income tax of 40% from April 2023 - 45% higher rate of income tax abolished

Corporation tax

Cancel rise in corporation tax which was due to increase from 19% to 25% in April 2023

House buyers- Stamp Duty Cut

From 23rd Sep 2022, you won't pay any stamp duty on the first £250,000 of a property (doubled from £125,000).
First-time buyers will now pay no stamp duty up to £425,000 (up from £300,000).
The Government has also increased the value of the property on which first time buyers can claim relief, from £500,000 to £625,000.

National insurance rates to be cut from 6 November 2022.

The 1.25 percentage point rise in national insurance contributions (NICs), which took effect earlier this year, will be reversed in November.

Investors - Dividends Tax from April 2023