The government will reverse most of the tax measures previosuly announced in the budget of 23 September 2022.

Income tax – Basic rate to remain at 20% indefinitely and now will not be reduced. The proposed reduction of the additional 45% rate on income over £150,000 will be reversed, as previously announced.

Corporation tax – The proposed cancellation of the corporation tax increase has been reversed, meaning the main rate of corporatoin tax will go up from 19% to 25% in April 2023.

National insurance – The reversal of the 1.25% increase in NI that came into effect in April 2022 will still be reversed in November 2022.

Stamp Duty – Previous announements retained.

IR35 – The IR35 changes announced on 23 September 2022 will no longer go ahead.

Other measures that have been cancelled – A) Cuts to dividend tax, the increase that came into effect in April 2022 will remain in place. B) A freeze on alcohol duty – planned increases will now go ahead. C) VAT-free shoping for overseas visitors.