Jeremy Hunt Reverses Tax Cuts

Jeremy Hunt has reversed the tax cuts put forward by former Chancellor Kwasi Kwarteng in the mini-Budget just over a few weeks ago.

The following are the most impactful changes:

1. Energy price guarantee 'for all' now only until April next year, after which there will be a re-assessment.
2. 19 percent basic rate tax cut is axed - so basic rate from April next year remains at 20 percent.
3. Corporation tax will be rising to 25 percent next April.
4. Dividend tax will not be being cut to reflect the removal of the health levy so a 1.25 percent surcharge on old rates remains.
5. Alcohol duty will not be frozen.
6. IR35 reform repeal is not going ahead.
7. Top rate of tax re-instated.

Here is a quick calculator comparing today to what Hunt's plans could be for tax starting from the coming April:

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