Court of Protection
Mini-budget 23rd September 2022
The recently appointed chancellor. Kwasi Kwarteng has made several announcements in a so-called ‘mini-budget’.
These changes to economic policy are intended to assist with the increased cost of living.
- 1p cut in basic income tax and removal of the 45% top rate of tax from next April;
- The 1.25% rise in national insurance is to be reversed from November, as previously announced;
- The planned rise in Corporation Tax from 19% to 25% from April 2023 has been scrapped;
- Stamp duty threshold to rise from £125,000 to £250,000. For first time buyers the threshold rises from £300,000 to £425,000;
- Alcohol duty to be frozen from February 2023, saving 7p on a pint of beer, 4p on a pint of cider, 38p on a bottle of wine and £1.35 on a bottle of spirit;
- Energy bills are capped at an average £2,500 per year for two years for households. Businesses, charities and public sector organisations have bills capped for six months;
- Planning rules will be liberalised to allow infrastructure projects to progress.