jeremy hunt

The new Chancellor, Jeremy Hunt, has rewritten the future of your finances by undoing policies from the so-called mini-budget only a few weeks ago.

Changes in several areas, such as income tax and energy bills, will have a direct impact on your finances. We have summarised what has been kept and what has been reversed in the Chancellor’s recent statement…

What Is Reversed?
  • It has been decided to postpone, indefinitely, a planned 1p drop in the basic rate of income tax, so that the rate will stay at 20% for the foreseeable future.
  • The energy price guarantee period has been reduced to one year. The present limit on energy prices will stay in effect until April 2023. In 6 months, there will be a new evaluation outlining how to save costs and improve the efficiency of targeted support.
  • There will be no reduction in dividend tax going forward.
  • VAT-free shopping for visitors and alcohol duty freeze scrapped.
  • Changes to IR35, or the off-payroll working rules, will no longer be repealed.
What Remains?
  • Stamp duty cuts. Buyers in England and Northern Ireland no longer have to pay stamp duty on the first £250,000 of a property’s worth. Stamp duty is waived up to £425,000 for first-time homebuyers.
  • National Insurance contributions increased by 1.25% in April 2022, announced by former Chancellor, Rishi Sunak. These are to now return to their previous levels.

Get in touch with us at if you have any questions about the above, or anything else relating to your accounting needs.