Chancellor-Energy Profits Levy Rises From 25% To 35%

Chancellor Jeremy Hunt: "While I have decided to freeze the Employers NICs threshold until April 2028, we will retain the Employment Allowance at its new, higher level of £5,000. 40% of all businesses will still pay no NICs at all. The VAT registration threshold is already more than twice as high as the EU and OECD averages. I will maintain it at that level until March 2026."

• Hunt: "...the PM successfully negotiated a landmark international tax deal to make sure multinational corporations [...] pay the right tax in the countries where they operate. I will implement these reforms, making sure the UK gets our fair share. Alongside further measures to tackle tax avoidance and evasion, this will raise an additional £2.8bn by 2027-28."
• "...I have decided that from January 1st until March 2028 we will increase the Energy Profits Levy from 25% to 35%."
• "...from January 1st, we have also decided to introduce a new, temporary 45% levy on electricity generators. Together these taxes raise £14bn next year."
• "It is an important principle that bills should accurately reflect market values so we will proceed with the revaluation of business properties from April 2023. But I will soften the blow on businesses with a nearly £14bn tax cut over the next five years."