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I wasn’t expecting that!
Key points
- The 2017 and 2021 reforms to the off-payroll working rules will be repealed from 6 April 2023.
- Health and social care levy is consigned to history before even coming into force.
- Surprise abolition of the additional tax rate as well as the reduced basic rate to apply earlier.
- Corporation tax rate will remain unchanged and the annual investment allowance will be set permanently at £1m.
There had been so many hints and briefings about the chancellor’s statement (I am tempted to use the capital allowances terminology and call it a Super-Budget) that I confess that I had drafted a fairly complete analysis article before the event itself. That soon got shredded. This was by any estimation a major statement. It felt like the first Budget of a newly-elected government coming in after years of being in opposition: you had to keep reminding yourself that the people involved had all been part of...
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