News

IR35 reforms and tax cuts binned in new chancellor’s £32bn mini-budget climbdown

By 2022-10-17T11:08:00

Jeremy Hunt 17 Oct 22

More details on off payroll rules set to be announced later this afternoon

Jeremy Hunt has junked almost the entirety of his predecessor’s controversial plan for growth, just days after coming into office.

Only the planned cut to stamp duty and the reversal of the recent rise in national insurance survived the new chancellor’s knife, with plans to reform IR35 and cut corporation and income tax shelved and the energy price guarantee reduced in scope. Hunt said the moves would raise an extra £32bn per year.

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