Mini Budget 2022 Statement – What You Need To Know

Chancellor Kwasi Kwarteng presented his 2022 growth plan on Friday 23rd September 2022. The Chancellor’s statement was not a Budget, but a ‘Growth Plan’.

The key announcements are summarised below;

Stamp Duty Land Tax

  • No stamp duty to be paid on the first £250,000 – up from £125,000.
  • First-time buyers pay no tax on the first £425,000 – up from £300,000.
  • First-time buyers can claim relief for property values up to £625,000.


  • No changes announced


  • From 6 November 2022
    • Reverse of the 1.25% increase in NICs rates and cancel the Health and Social Care Levy
    • Employee rates will return to 12% and 2%, with an employer’s rate of 13.8%.
    • The Self Employed rate will return to 9% and 2%.
  • (REVERSED) Additional Rate Income Tax (45%) for those earning more than £150,000 will be abolished from 2023/24 tax year (not applicable in Scotland)- Since announcement has change been reversed and will no longer occur.
  • Basic Rate Income Tax cut from 20% to 19% from 2023/24 tax year. This brings forward an already announced change (not applicable in Scotland).
  • Gift aid and pensions tax relief (Relief at source schemes) will remain at 20% until 2024/25.
  • From 6 April 2023 – Dividend Tax
    • The 1.25% increase in the dividend rates is to be reversed.
    • This change also affects the tax rate of tax paid by companies on outstanding loans to participators, which will reduce too.


  • Stop the proposed 2023 Corporation Tax Increase – leaving the tax at its current level – 19%


  • The Annual Investment Allowance for businesses will be continued, and the cap restored to £1m.

Off-payroll working reforms will be repealed. The 2017 and 2021 reforms to the off-payroll working rules (also known as IR35) will be repealed from 6 April 2023.

Seed Enterprise Investment Scheme (SEIS)

From April 2023:

  • Companies will be able to raise up to £250,000 of SEIS investment. The current limit is £150,000.
  • The gross asset limit will be increased from £200,000 to £350,000, and the trading time limit from two to three years.
  • The individual annual investor limit of £100,000 will be doubled to £200,000.


The government will provide two support packages for domestic and business users of electricity and gas:

Domestic users

  • Cost of living support package via an Energy Price Guarantee which supports households through a cap on the unit rate of electricity and gas.
  • The newly announced support package will run alongside the existing measures already set out:
    • £400 per household paid in six instalments from this October under the Energy Bills Support Scheme.
    • £1,200 of extra support for the most vulnerable.

Non-domestic and business users

  • The Energy Bills Support Scheme will provide support for business for a six month period.
  • The scheme will be reviewed after three months
  • There is the possibility of extension of the scheme for certain business after six months.

For a more in-depth summary on the statement, please click here

HMRCs Growth Plan: click here

For HMRCs Statement: click here