Mini Budget - 2022

Stamp Duty Land Tax (SDLT) 

The Chancellor has permanently changed the 0% threshold on SDLT, increasing it from £125,000 to £250,000. 

 For first-time buyers (FTB), the 0% threshold will increase from £300,000 to £425,000. The property value cap for the relief now applies to properties with a value up to £625,000, formally £500,000. 

Personal Tax 

Plans to cut the basic income tax rate have been brought forward by a year, to April 2023. The rate will reduce from 20% to 19%

Corporation Tax 

As expected, Kwarteng is reversing Sunak’s plans to increase Corporation Tax in April 2023 from 19% to 25%; it will now remain at 19%.

Energy Prices 

 This includes the two-year cap on prices for residential homes, meaning the average UK home will typically pay £2,500 a year for gas and electric, £1,000 less than initially thought. The £400 relief on bills this winter (starting from October) will also still apply.