Mini Budget 2022 – summary of key points

Spring Budget Mini Budget 2022

Chancellor Kwasi Kwarteng delivered the Mini Budget this morning in the House of Commons.

The Chancellor used the 2022 Mini Budget to announce measures to help boost UK economic growth. Mr Kwarteng announced a series of tax cuts for businesses and individuals adding up to £45 billion. 

Below is a summary of our Mini Budget 2022 key points.

Our full detailed version will be posted on our website shortly.

Income Tax

From April next year, the basic rate of income tax will be cut to 20% to 19%. According to the Treasury, this will mean 31 million people will be better off by an average of £170 per year.

The 45% tax rate, which currently applies on earnings above £150,000, will be abolished – so high earners will instead pay the 40% tax rate on those earnings.

National Insurance

As per yesterday’s announcement, the Chancellor confirmed that the 1.25% rise in national insurance contributions (NICs) that came in this year will be reversed from 6 November, while the planned Health and Social Care Levy has been cancelled.

Corporation Tax

The planned rise in corporation tax to 25% will also be scrapped and the rate maintained at the current 19%.

Energy bills

Energy bills for households have been capped at an average of £2,500 a year for two years, a £1,000 saving at current energy prices.

Bills have also been capped for six months for businesses, charities and public sector organisations such as schools and hospitals from October.

Stamp Duty

Stamp duty to be cut from “today”. The level at which homebuyers will start to pay Stamp Duty Land Tax (SDLT) in England and Northern Ireland has been doubled from £125,000 to £250,000. First-time homebuyers will pay no SDLT on homes worth £450,000, up from the previous price of £300,000.

The Government has also increased the value of the property on which first-time buyers can claim relief from £500,000 to £625,000.

Alcohol Duty

Planned increases in alcohol duties for beer, cider, wine and spirits will be cancelled.


The Chancellor also committed to repealing the off-payroll legislation for self-employed contractors. The IR35 reforms, which rolled into the public and private sectors in 2017 and 2021 respectively, will no longer apply from April 2023.

Keep an eye on our website for a full and detailed summary of the Mini Budget 2022.

If you have any questions or need advice on any of the above points coming out of today’s Mini Budget, please do not hesitate to contact us.

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