Helping you prosper
During today’s announcements, Prime Minister Liz Truss looked and sounded like a broken person who didn’t have belief in what she was saying. “What credibility do you have to continue governing?” and “aren’t you going to say sorry” very much representative of the tone of the questions asked by those at the press conference.
The headline announcement was the much predicted and leaked u-turn on corporation tax, such that rates are intended now to increase to 25% in April 2023 as previously announced.
But whilst we questioned in our last budget blog whether the Chancellor would stay in post long enough to seek to legislate his policies, it now looks for all the world like Liz Truss will be out of number 10 long before any Finance Bill is brought forward, and quite possibly before we even get close to the detailed economic plan scheduled, rather bizarrely, for Halloween.
Jeremy Hunt is now intended to present that economic forecast, becoming our fourth chancellor of 2022 including Nadhim Zahawi who called on Boris Johnson to resign less than 48 hours after being appointed and now Kwasi Kwarteng who, at 38 days (28 if you discount the 10 days of national mourning), is the second shortest serving Chancellor on record, ‘beaten’ to top spot only by a man who died unexpectedly 30 days into the job.
At a time when all talk is of markets needing confidence and stability, these continue to be worrying times. And as I concluded in my last blog, taxpayers’ decision making must currently tread a tightrope between what’s been announced and what may yet change between now and next Spring.
To discuss how today’s announcement affects the tax position of you or your business, please get in touch with your usual UHY contact.
