Following a highly negative response from the financial markets and the IMF, amongst others, to the UK Government’s “Growth Plan 2022†(released on 23 September 2022 by the then-new Chancellor Kwasi Kwarteng and summarised by us here) (the “Mini-Budgetâ€), the replacement Chancellor Jeremy Hunt made an Emergency Statement on 17 October in which he announced, by way of a major Government “U Turnâ€, that almost all of the tax measures set out in the former Chancellor’s Mini-Budget would not now be implemented.
Here is a summary of where things stand following the re-writing of some of the key tax measures previously announced by the former Chancellor in the Mini-Budget:
