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ARTICLE · 30 SEPTEMBER 2022

UK Mini-Budget - Helpful For Asset Managers

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The government's 2022 Growth Plan, deceptively referred to as the "mini-budget," has brought in notable changes likely to impact the funds industry. In particular, a number of the changes...

United KingdomTax
Serena Lee
Serena Lee
Matthew Durward-Thomas
Matthew Durward-Thomas
Mohammed Natha
Mohammed Natha
Aaron Jenman
Aaron Jenman
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The government's 2022 Growth Plan, deceptively referred to as the "mini-budget," has brought in notable changes likely to impact the funds industry. In particular, a number of the changes will help ensure the continued attractiveness of UK holding companies.

The anticipated rise in the corporation tax rate to 25 percent, which was due to take effect from April 2023, has been reversed. The rate will remain at 19 percent.

Similarly, the recent reforms to the UK's off-payroll working rules (commonly referred to as IR35), have been scrapped with effect from April 2023. The IR35 rules subject certain individuals working through intermediaries, such as consultants using personal service companies, to employment taxes. Since April 2021, responsibility for operating IR35 was shifted from those personal service companies to the organizations (with UK operations) receiving their services. From next April, responsibility will revert back to the personal service

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