The Mini-Budget 2022 – our summary

On Friday 23 September 2022, Chancellor Kwasi Kwarteng delivered the “Mini-Budget”. According to some analysts, it announced the biggest set of tax cuts for fifty years.

Here is our summary of the key points.


The Chancellor has confirmed the highest 45p rate of income tax for earnings over £150,000 will be abolished and the basic rate is being cut by 1p to 19p in the £ from April 2023.

The planned increase in Corporation Tax has been cancelled. This was due to be implemented in 2023.

The National Insurance increase implemented last April is being reversed from November 2022.

The Chancellor has confirmed the Government will review the tax system.

Bankers’ Bonuses

The cap has been cancelled, as had been expected.

Stamp Duty Land Tax

The Chancellor has confirmed that Stamp Duty Land Tax is being cut. There will be no Stamp Duty on the first £250,000 (previously £125.000) of a residential property purchase price and for first time buyers, the threshold will be increased from £300,000 to £425,000. This change will be permanent and is effective immediately (from 23 September 2022).

Energy Package

The Government’s energy package is expected to cost £60bn in the six months from October and the Office for Budget Responsibility will publish an economic forecast before the end of 2023.

Low-tax Investment Zones

The Chancellor says the Government are discussing the creation of low tax investment zones in 40 places. These ‘investment centres’ will see reduced taxes for business in designated zones for 10 years. This will include accelerated tax reliefs for structures and buildings and qualifying investments in plant and machinery plus land and building purchase for residential and commercial developments.

There will be no Stamp Duty Land Tax to pay on newly occupied commercial premises and no business rates if a business hires a new employee in the tax site with National Insurance concessions for employers.

Government Bond Yields

UK Government bond yields will be at their highest since 2008, rising to 3.76%, an increase of 25 basis points today.

Duty Rates

The Chancellor has stated the planned increases in duty rates for beer, cider, spirits, and wine will be cancelled.