Last week (23 September 2022), newly appointed UK Chancellor of the Exchequer, the Rt Hon Kwasi Kwarteng MP presented The Growth Plan 2022 to the House of Commons. The plan contains numerous significant amendments to taxation legislation.

Changes to stamp duty land tax (SDLT) came into effect immediately on the announcement. The threshold above which SDLT must be paid on the purchase of residential properties in England and Northern Ireland has been increased from GBP125,000 to GBP250,000.

First-time buyers’ relief will also be increased from GBP300,000 to GBP425,000. Additionally, the maximum amount that an individual can pay for a home at the same time as remaining eligible for first time buyers’ relief rose from GBP500,000 to GBP625,000.

The basic rate of income tax will be cut by 1 per cent in April 2023, falling from 20 to 19 per cent. This will apply to the basic rate of non-savings, non-dividend income for taxpayers in England, Wales and Northern Ireland, the savings basic rate for all UK taxpayers and the default basic rate applying to non-savings and non-dividend income of any taxpayer that is not subject to the main or Scottish rates of income tax.

The additional rate of 45 per cent for income tax will also be removed from April 2023, with current additional-rate taxpayers able to benefit from higher-rate taxpayers’ GBP500 personal savings allowance...