"Mini-Budget" UPDATE Monday 26th September 2022 (Samuel Adams)

The Chancellor’s speech last Friday, branded as a ‘mini Budget’, included some major tax announcements and went well beyond the tax pledges made by Liz Truss in her leadership campaign. The Chancellor focused on the need to break the current cycle of a high tax burden resulting in lower returns on investment and hampering growth, with a ‘new approach needed for a new era’. Significant tax cuts were announced relating to income tax, national insurance contributions and stamp duty land tax rates, as well as the cancellation of the planned corporation tax increase.

There were some announcements that were not expected, such as the abolition of the 45% higher rate of income tax and a substantial repeal of IR35 legislation.

The Chancellor also committed to a review of the tax system to make it simpler, more dynamic and fairer for families. Perhaps, counterintuitively, this includes the abolition of the Office of Tax Simplification (OTS), which is to be replaced by an internal drive by Government departments.

Although further tax announcements are expected to come later in the year, possibly in a November Budget, this emergency fiscal event gives a much clearer indication of the direction of travel on tax policy.

The Government is also conducting a review of the tax system in general, to identify areas where it can be made “simpler, better for families and more pro-growth”. The Chancellor will report on this next year. In her leadership campaign, Liz Truss stated more generally that she wanted to review the tax system to improve the position of those who are not working due to caring responsibilities for children or the elderly, so we are likely to see more on this.

If you would like to discuss any of these changes further please do get in touch. If you are an existing client please speak to your usual adviser and if you are new to Adams & CO and would like to speak to us about your investments and financial plans, please call us on

0333 577 4452