{"id":22445,"date":"2022-09-26T09:17:25","date_gmt":"2022-09-26T09:17:25","guid":{"rendered":"https:\/\/smh.group\/?p=22445"},"modified":"2022-10-18T08:16:21","modified_gmt":"2022-10-18T08:16:21","slug":"the-growth-plan-23-september-2022","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/the-growth-plan-23-september-2022\/","title":{"rendered":"\u2018The Growth Plan\u2019: 23 September 2022"},"content":{"rendered":"<p><strong>Kwasi Kwarteng\u2019s first set piece as Chancellor of the Exchequer was never going to be easy, even before the 0.5% increase in interest rates the day before. <\/strong><\/p>\n<p>The new Prime Minister Liz Truss revealed much of what we might expect before Mr Kwarteng spoke a word, so we already knew that there would be:<\/p>\n<ul>\n<li>a two-year \u00a32,500 Energy Price Guarantee (EPG) for consumers;<\/li>\n<li>similar but shorter-lived support for businesses and other non-domestic energy users;<\/li>\n<li>cuts to National Insurance Contribution (NIC) rates; and<\/li>\n<li>a reversal of the planned April 2023 increases in the rate of corporation tax.<\/li>\n<\/ul>\n<p>Nevertheless, Mr Kwarteng\u2019s launch of \u2018The Growth Plan\u2019 contained some surprises, including the end of additional rate income tax (outside Scotland) and the reversal of recent changes to IR35.<\/p>\n<h1>Most recent announcements<\/h1>\n<p><strong>Dividend taxation<\/strong><\/p>\n<p>From 2023\/24, the tax rates applicable to dividends will be reduced by 1.25 percentage points, taking them back to 2021\/22 levels.<\/p>\n<p><strong>Venture capital schemes<\/strong><\/p>\n<p>From April 2023, companies will be able to raise up to \u00a3250,000 of seed enterprise investment scheme (SEIS) investment \u2013 a \u00a3100,000 increase on the current limit. At the same time:<\/p>\n<ul>\n<li>the gross asset limit will be increased to \u00a3350,000;<\/li>\n<li>the company age limit will be raised from two to three years; and<\/li>\n<li>the annual investor limit will double to \u00a3200,000.<\/li>\n<\/ul>\n<p>The SEIS, enterprise investment scheme (EIS) and venture capital trust (VCT) scheme will now be extended beyond 2025.<\/p>\n<p><strong>VAT-free shopping<\/strong><\/p>\n<p>A new shopping scheme free from any value added tax (VAT) will be developed for overseas visitors to Great Britain. This will enable them to obtain a VAT refund on goods bought in the high street, airports and other departure points and exported from the UK in their personal baggage. A consultation will gather views on the approach and design of the scheme, to be delivered as soon as possible.<\/p>\n<p><strong>Annual investment allowance<\/strong><\/p>\n<p>The current \u00a31 million level of the annual investment allowance will be made permanent.<\/p>\n<p><strong>The domestic energy scheme<\/strong><\/p>\n<p>The Prime Minister set out a range of measures on 8 September to protect domestic consumers from the \u00a33,549 Ofgem utility price cap originally due to take effect for three months from 1 October<\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"3\" width=\"553\"><strong>EPG charges for direct debit customers<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"184\"><strong>Fuel<\/strong><\/td>\n<td width=\"184\"><strong>Standing charge<br \/>\np\/day<\/strong><\/td>\n<td width=\"184\"><strong>Unit charge<br \/>\np\/kWh<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"184\">Gas<\/td>\n<td width=\"184\">28.0<\/td>\n<td width=\"184\">10.3<\/td>\n<\/tr>\n<tr>\n<td width=\"184\">Electricity<\/td>\n<td width=\"184\">46.0<\/td>\n<td width=\"184\">34.0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>Unsure how this affects you? Please contact our <a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/\">Accounting &#038; Business Advisory<\/a> on\u00a0<strong>0114 266 4432<\/strong>\u00a0or\u00a0<a href=\"mailto:info@smh.group\"><strong>info@smh.group<\/strong><\/a> for advice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kwasi Kwarteng\u2019s first set piece as Chancellor of the Exchequer was never going to be easy, even before the 0.5% increase in interest rates the day before.<\/p>\n","protected":false},"author":4,"featured_media":22447,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,939,942,832,943],"tags":[83,77,78,19],"class_list":["post-22445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-smh-bullockwoodburn","category-smh-haywoodco","category-smh-jolliffe-cork","category-smh-suttonmcgrathhartley","tag-chartered-accountants","tag-financial-planning","tag-investment","tag-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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