It looks like a budget, it sounds like a budget, but apparently it’s not a budget….
and now, there’s been a swift u-turn….
What’s been scrapped?
Corporation tax, income tax and dividend tax cuts are scrapped. IR35 ‘reform’ is scrapped. Domestic energy support is now only for a 6 month period instead of the previously announced 2 years. Business energy costs are going ahead as they were, subsidised by around 50% over the next six months.
VAT free shopping for overseas visitors and alcohol duty rate plans have been scrapped.
No word, as far as I can currently tell, on (S)EIS changes, although I guess they have until October 31 to confirm what’ll happen there next April, if anything…
What remains
Which leaves us with the confirmed cut to national insurance – back to where we were last tax year, and the stamp duty changes appear to remain unchanged. The planned tightening of universal credit rules also remain.
I’ll write another update on the back of the proper budget announcement on the 31st October – watch this space! In the meantime if you have any questions, please get in touch!
