Corporation Tax and Tax relief
- Planned rise in corporation tax to 25% next year is cancelled.
- Cutting taxes for businesses in designated sites for 10 years to support investment, jobs and growth.
- Annual Investment Allowance – tax relief for businesses on plant and technology investment to remain at £1m permanently, rather than letting it return to £200,000 in March 2023.
Property & Real Estate
- Stamp duty to be cut IMMEDIATELY. Nothing will be paid for first £250,000 of property’s value; which is double the current amount allowed.
- Threshold for FIRST-TIME BUYERS is to be increased from £300,000 to £425,000.
- The value of the property on which FIRST TIME BUYERS can claim relief is to also go up from £500,000 to £625,000.
Personal tax
- Basic rate of income tax will CUT to 19p from April 2023. 31 million people will be better off by an average of £170 per year.
- 45% additional rate income tax band for those earning more than £150,000 will be SCRAPPED entirely.
- A 1.25% rise in national insurance contributions (NICs) will be RESERVED from 6 November.
- Tax hike to fund health and social care will also be AXED.