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The Independent Automotive Aftermarket Federation

Chancellor's mini budget: the main points

Date: Friday 23 September 2022

Chancellor Kwasi Kwarteng has outlined a series of measures he believes will boost growth.

  • The basic rate of income tax has been cut to 19p in April 2023 and the top rate of tax for higher earners abolished
  • National Insurance contribution (NIC) rates will be cut by 1.25 percentage points for employees, employers and the self-employed, effectively reversing the uplift introduced in April 2022 for the rest of the tax year
  • A planned rise in corporation tax has been scrapped
  • The threshold before stamp duty is paid has been raised to £250,000
  • The cap on bankers' bonuses has been lifted
  • Low-tax investment zones will be set up across the UK.

Further information on the NIC rate cuts can be found by CLICKING HERE.