Kwasi Kwarteng’s 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. 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:
• a two-year £2,500 Energy Price Guarantee (EPG) for consumers;
• similar but shorter-lived support for businesses and other non-domestic energy users;
• cuts to National Insurance Contribution (NIC) rates; and
• a reversal of the planned April 2023 increases in the rate of corporation tax.
Nevertheless, Mr Kwarteng’s launch of ‘The Growth Plan’ contained some surprises,
including the reversal of recent changes to IR35.

Please note the following:
• Changes to income tax rates only apply to savings and dividend income for Scottish tax residents.
• The tax rates for non-savings income in Scotland are unaffected by this announcement
• Changes to stamp duty are not applicable to Scotland
A copy of our update can be found by clicking here.

After a prolonged period of speculation, the new Prime Minister Liz Truss has announced preliminary details of how the government plans to deal with the energy price crisis.

A briefing note on the plan is available to download here.