Emergency Budget 2022
On 23 September 2022, the Chancellor Kwasi Kwarteng delivered the Emergency Budget. In his first Budget speech as Chancellor, Kwasi Kwarteng said that ‘we need a new approach for a new era, focused on growth’.
He would build this around three priorities: reforming the supply side of the economy, maintaining a responsible approach to public finances, and cutting taxes to boost growth. What followed certainly delivered on the third of these: this package has been described as the biggest tax cutting budget for half a century, following on from the earlier announcement of very substantial support for individuals and businesses coping with rising energy prices.
This Summary describes the main measures that were announced, as well as some things that might have been announced but were left unsaid, and explains the context. It includes tables of the main rates and allowances as well as a calendar of the tax year with important deadline dates.
Contents include:
- Personal Income Tax
- Employees
- National Insurance Contributions
- Savings and Pensions
- Capital Gains Tax
- Corporation Tax
- Stamp Duty Land Tax (SDLT)
- Inheritance Tax
- Corporation Tax
- Value Added Tax
- Universal Credit
- Alcohol Duties
- Other measures from the Emergency Budget as well as those previously announced
We recommend that you review your financial plans regularly as some aspects of the Budget will not be implemented until later dates.
We will be happy to help you adapt and reassess your plans in light of any legislative changes. Please contact Stuart Noakes, Head of Tax Services, on 01903 234904.
