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ARTICLE · 26 SEPTEMBER 2022

UK Mini Budget 2022

Proskauer Rose LLP
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The Chancellor today unveiled the UK's 2022 Growth Plan which has been described as being "the biggest package of tax cuts in generations". We have summarised here the tax changes...

United KingdomTax
Richard Miller
Richard Miller
Emma C. McDonnell
Emma C. McDonnell
Robert Gaut
Robert Gaut
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The Chancellor today unveiled the UK's 2022 Growth Plan which has been described as being "the biggest package of tax cuts in generations". We have summarised here the tax changes that we think will be of interest to our client base.

  • UK corporation tax: the main corporation tax rate that was due to increase to 25% for companies with annual profits in excess of £250,000 from the start of the 2023/2024 tax year will remain at 19%.
  • Diverted Profit Tax:  the planned increase in the rate of diverted profit tax to 31% has been cancelled with the tax due to remain at a rate of 25%.
  • Annual Investment Allowance: the threshold for the annual investment allowance (which allows for a 100% deduction for UK companies on qualifying expenditure on plant and machinery) has been permanently set at £1 million and will not, as had been planned, reduce to £200,000.

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