Chancellor of the Exchequer Jeremy Hunt has confirmed that almost all tax measures included in the mini-budget will be reversed.
Hunt’s predecessor Kwasi Kwarteng, whom he replaced only days ago, had announced a series of tax cuts and abolitions in the House of Commons in September.
This included cuts to income tax and corporation tax, as well as an indefinite guarantee that the average household would not pay over £2,500 per annum in energy bills. The cuts to income and corporation tax have been reversed, and the energy price guarantee is set to remain in place only until April.
Hunt also confirmed that the government “will no longer be proceeding with the cuts to dividend tax rates, the reversal of off-payroll working reforms, the new VAT-free shopping scheme for non-UK visitors, or the freeze on alcohol duty rates”.
The abolition of the health and social care levy and the changes to stamp duty are some of the only elements that will remain in place following Hunt’s policy announcement.
