Basic rate of income tax will reduce from 20% to 19% from April 2023 From April 2023 there will be a single, 40% higher rate of income tax as the 45% “additional” rate is abolished.
National Insurance Contributions (NICS)
- From 6th November 2022, NICS will decrease by 1.25% and a separate Health and Social Care levy will no longer be introduced.
Corporation tax will remain at 19% for all firms regardless of the amount of profit made.
The additional 1.25% rate of income tax introduced in April 2022 will be reversed from April 2023.
- The level above which stamp duty is due on primary residential property purchase will rise from £125,000 to £250,000. (increased rates for additional dwellings will remain.)
- First time buyers will not pay stamp duty on primary residential property purchase below £425,000
This Email is intended as information only and does not constitute advice in any way. The information contained herein could be wrong or may have changed by the time you read it so should not be relied upon in any way.