Growth Plan 2022 - SEPTEMBER 24

Chancellor (Kwasi Kwarteng) Growth

Report

• Bringing forward the 1 percentage point cut to the basic rate of Income Tax to April

2023 and abolishing the additional rates of Income Tax – accompanied by changes to

the dividend tax rate.

• The cancellation of the planned increase to the Corporation Tax (CT) main rate from

19% to 25% – with the main rate remaining at 19% from 1 April 2023

• The repeal of reforms to the Off-Payroll Working (OPW) rules introduced in the public

sector in 2017 and extended to medium and large-sized organisations in the private

and voluntary sectors in 2021 – with workers providing their services via an

intermediary once again responsible for determining their employment status and

paying the correct amount of tax and National Insurance contributions from 6 April

2023.

• Confirmation that the Annual Investment Allowance (AIA) will be set at £1 million

permanently, originally raised from £200,000 as a temporary measure in January

2019 (and due to end in March 2023)

• the introduction of new investment zones around the UK where enhanced tax reliefs

will be offered for Stamp Duty Land Tax (SDLT), Enhanced Capital Allowances,

Structures and Buildings Allowance and Employer National Insurance contributions

• An expansion of the Seed Enterprise Investment Scheme (SEIS) to help more UK startups raise higher levels of finance – doubling the annual investor limit to £200,000,

increasing the gross asset limit to £350,000 and making it easier for investors to claim

tax reliefs, due to come into force from 6 April 2023

• Changes to the Company Share Option plan (CSOP) scheme – increasing the employee

share option limit from £30,000 to £60,000 and removing a condition which limits the

types of shares eligible for inclusion within the scheme, both due to take effect from

6 April 2023

• The cancellation of the planned increase in the rate of Diverted Profits Tax from 25%

to 31% and the planned reduction in the Corporate Tax surcharge rate for banking

companies, both of which had been due to take effect from 1 April 2023.

Reversal of the Health and Social Care Levy Factsheet - GOV.UK

(www.gov.uk)

• The Growth Plan 2022: Investment Zones factsheet - GOV.UK

(www.gov.uk)

• Corporation Tax rise cancellation – factsheet - GOV.UK (www.gov.uk)

• The Growth Plan 2022: Factsheet on Stamp Duty Land Tax

• The Growth Plan 2022: Factsheet on Income Tax

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