CIPP Growth Plan (mini budget) summary
28 September 2022
The CIPP has produced a summary of the Growth Plan announced by chancellor of the Exchequer, Kwasi Kwarteng. In the summary we explore the changes announced and what they mean for payroll professionals.
The wide range of changes are to be introduced with the key aim of promoting growth across the UK. The headline changes for payroll are:
- reversal of the National Insurance increase for 2022-23
- scrapping the health and social care levy for 2023-24
- basic rate of income tax reduced to 19% from April 2023
- scrapping the additional rate of income tax in England Wales and Northern Ireland from April 2023
- new “investment zones” across the UK
- 2017 and 2021 off payroll (IR35) reforms to be scrapped from April 2023.
This summary is a great place to start, giving you a broad overview of what we know so far, to understand what changes you need to prepare for.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.
