{"id":8321,"date":"2022-10-04T07:51:11","date_gmt":"2022-10-04T06:51:11","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=8321"},"modified":"2022-10-04T07:51:11","modified_gmt":"2022-10-04T06:51:11","slug":"the-growth-plan-2022-and-the-countdown-is-on","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/10\/04\/the-growth-plan-2022-and-the-countdown-is-on\/","title":{"rendered":"The Growth Plan 2022\u2026 and the countdown is on"},"content":{"rendered":"
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Chancellor Kwasi Kwarteng <\/strong>announced a series of tax cuts and\nmeasures on 23 September intended to<\/strong> boost economic\nactivity. <\/strong>At the core of his ambitious Growth Plan<\/strong> were three key priorities: reforming the supply-side of the economy,\nmaintaining a responsible approach to public finances and cutting taxes to\nboost growth.<\/strong> <\/em><\/p>\n<\/div>\n\n

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Pledging a raft\nof changes to taxation, key personal tax announcements included:<\/p>\n<\/div>\n\n

\n
  • A reversal of last April\u2019s National Insurance<\/strong> contribution rise was confirmed by the government on 22 September. The 1.25 percentage point increase will be reversed from 6 November. The planned Health and Social Care Levy, due to replace the National Insurance rise as a new\u00a0standalone tax from April 2023, has also been cancelled<\/li><\/ul>\n<\/div>\n\n
    \n
    • A reduction in Stamp Duty Land Tax<\/strong> (SDLT) in England and Northern Ireland, raising the residential nil-rate threshold from \u00a3125,000 to \u00a3250,000, with immediate effect, and First Time Buyers Relief from \u00a3300,000 to \u00a3425,000. He also increased the maximum amount that an individual can pay for a home while remaining eligible for First Time Buyers\u2019 Relief, from \u00a3500,000 to \u00a3625,000. As SDLT is devolved in Scotland and Wales, the Scottish and Welsh Governments will receive funding through an agreed fiscal framework to allocate as they see fit<\/li><\/ul>\n<\/div>\n\n
      \n
      • A cut to the basic rate of Income Tax<\/strong> to 19% in April 2023 \u2013 one year earlier than previously planned. At present, people in England, Wales and Northern Ireland pay 20% on annual earnings between \u00a312,571 and \u00a350,270; different rates apply in Scotland. The highest rate of Income Tax (the \u2018additional rate\u2019 paid at 45% by those earning over \u00a3150,000) will be abolished. From April 2023 there will be a single higher rate of Income Tax of 40%<\/li><\/ul>\n<\/div>\n\n
        \n
        • Reversing the 1.25 percentage point increase in Dividend Tax<\/strong> rates applying UK-wide from 6 April 2023, so the ordinary and upper rates of Dividend Tax will revert to 7.5% and 32.5% respectively.<\/li><\/ul>\n<\/div>\n\n
          \n

          Tax year midpoint \u2013 planning pays<\/strong><\/p>\n<\/div>\n\n

          \n

          At the midpoint\nin the 2022-23 tax year, and especially in light of the recent changes, now is\nan ideal time to revisit your finances, rather than leaving it late and\nreviewing your tax affairs in 2023. Tax planning involves taking sensible steps\nto reduce the amount of tax you pay. Working with us can help you put in place\nplans for your future to safeguard your wealth. Get in touch with any questions\nyou may have.<\/p>\n<\/div>\n\n

          \n

          Information is based on our\ncurrent understanding of taxation legislation and regulations. Any levels and\nbases of, and reliefs from taxation, are subject to change. The Financial\nConduct Authority does not regulate tax planning.<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

          Chancellor Kwasi Kwarteng announced a series of tax cuts and measures on 23 September intended to boost economic activity. At the core of his ambitious Growth Plan were three key priorities: reforming the supply-side of the economy, maintaining a responsible approach to public finances and cutting taxes to boost growth. Pledging a raft of changes […]<\/p>\n","protected":false},"author":3,"featured_media":8322,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/8321"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=8321"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/8321\/revisions"}],"predecessor-version":[{"id":8323,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/8321\/revisions\/8323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/8322"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=8321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=8321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=8321"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=8321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}