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The planned Corporation Tax increase to 25% has been cancelled.

The rate will stay at 19%, the lowest in the G20. This will support business investment and help economic growth.

To support businesses to invest and grow, the Annual Investment Allowance will be permanently set at its highest ever level of £1 million from 1 April 2023.

This will give 100% tax relief to businesses on their plant and machinery investments up to the level of £1 million.

From 6th November the government is cutting National Insurance by 1.25 percentage points and cancelling the Health & Social Care Levy.

This will:

✅ Reduce the tax on jobs
✅ Let families keep more of what they earn
✅ Support economic growth