An analysis by Alvarez & Marsal
On 23 September, 2022, the UK Chancellor of the Exchequer, Kwasi Kwarteng unveiled a package of tax cuts that were anything but mini. In fact, it was the biggest package of tax cuts in 50 years.
Despite the FTSE 100 being down 2% on 22 September and the pound dropping to a 37 year low against the dollar, the British government’s mini budget announcement was billed as a package for growth. A snapshot of the results for the announced changes are representative of the lowest headline rate of corporate income tax in the G20, the basic rate of income tax will drop by 1% to 19% in April 2023, and the government also announced further changes to the National Insurance rates.
In a special edition of Tax Adviser Update, Jonathan Hornby, Kathy Lloyd, Chris Prout and Shirley Ly, all Directors from our UK firm, Alvarez & Marsal, share a comprehensive analysis summarising the key measures.
Read the full article here.
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