Today\u2019s mini-budget contained a few surprises. We will be reviewing the changes in more detail in the coming weeks but for now here are the headline changes.\n\n\n\nIncome Tax \u2013 from April 2023 the basic rate of tax will be cut to 19%, the additional rate of 45% is abolished as is the additional rate for dividends.\n\n\n\nStamp Duty Land Tax \u2013 the threshold for residential property is doubled from \u00a3125,000 to \u00a3250,000, rates of SDLT above this level remain at their existing levels, first time buyers relief is increased to \u00a3425,000 and can be accessed on purchases up to \u00a3625,000.\n\n\n\nCorporation Tax \u2013 The planned increase to 25% from April 2023 will no longer go ahead, the rate will remain at 19% for all firms regardless of size.\n\n\n\nBusiness Tax \u2013 The Annual Investment Allowance is being permanently set at \u00a31Mil rather than reverting to \u00a3200,000, The Seed Enterprise Investment Scheme is to be expanded, The Company Share Option Plan scheme will also be expanded, and the government is in discussion with 38 local authorities with a view to setting up local Investment Zones benefiting from lower taxes and accelerated development. \n\n\n\nOff-Payroll Working Regulations - The off payroll working rules will be repealed returning us to the previous IR35 rules removing the onerous obligations placed upon contractors.\n\n\n\nNational Insurance \u2013 The recent 1.25% rise for employees and employers will be reversed from November, the 1.25% increase in dividend tax is also to be reversed. The self employed and company directors will pay a blended rate of national insurance when they submit their annual self-assessment forms.\n\n\n\nSeed Enterprise Investment Scheme (SEIS) \u2013 From April 2023, companies will be able to raise up to \u00a3250,000 of SEIS investment, a two-thirds increase. To enable more companies to use SEIS, the gross asset limit will be increased to \u00a3350,000 and the age limit from 2 to 3 years. To support these increases, the annual investor limit will be doubled to \u00a3200,000. \n\n\n\nCompany Share Option Plan (CSOP) \u2013 From April 2023, qualifying companies will be able to issue up to \u00a360,000 of CSOP options to\nemployees, double the current \u00a330,000 limit.\nThe \u2018worth having\u2019 restriction on share classes within CSOP will be eased,\nbetter aligning the scheme rules with\nthe rules in the Enterprise Management Incentive scheme and widening access to CSOP for growth companies.\n\n\n\nWe will update you with more information as more details, guidance, and legislation is introduced.