Mini Budget: Measures scrapped & retained
One of Jeremy Hunt’s first jobs as chancellor was to announce the autumn fiscal statement. With growing speculation about the measures that were to be put into place (or reversed), he announced today that many of the tax cuts brought in by Liz Truss and Kwasi Kwarteng have been scrapped. This emergency announcement comes just 3 weeks after the initial autumn budget was released.
We have summarised the key measures that have been retained and scrapped:
Income tax - cutting basic rate of tax to 19% SCRAPPED
Income tax - 45% additional rate of tax removed SCRAPPED
Corporation tax - reversal of rise of up to 25% SCRAPPED
VAT - Tax free shopping for foreign visitors SCRAPPED
National insurance - Reversing 1.25% rise RETAINED
Stamp duty - No duty on the first £250,000 RETAINED
Stamp duty - No duty on first £425,000 for first time buyers RETAINED
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