Please see below a summary of the main mini – budget announcements
- The basic rate of income tax will be cut by 1p to 19p from April 2023
- The 45p tax rate for top earners over £150,000 will be abolished, also from April next year
- The level at which house-buyers begin to paystamp duty is doubled from £125,000 to £250,000
- First-time buyers will pay no stamp duty on homes worth £450,000, up from £300,000
- Planned rise on corporation tax from 19% to 25% is scrapped
- A 1.25% rise in National Insurance to be reversed from 6 November
- Cap on bankers’ bonuses, which limited rewards to twice the salary level, is axed
- Cost of subsidising both domestic and business energy bills will cost £60bn for the next six months
- Strike action: unions will be required to put offers to members during pay talks
- UK to introduce sales tax-free shopping for overseas visitors
The BACDT Membership team will send a more detailed email on Monday, once we have reviewed all the information.