"Following todays Mini-Budget" from Chancellor Kwasi Kwarteng  Sean McCann, Chartered Financial Planner at NFU Mutual, said:

“This may have been billed as a ‘Mini-Budget’, but it delivered massive changes, as Chancellor Kwasi Kwarteng outlined the biggest tax cuts in 50 years in response to the cost-of-living crisis.

“It’s a bold set of initiatives that will put more money in taxpayers’ pockets in a bid to soften the blow of rampant inflation.

“The Chancellor announced the basic rate of income tax will fall from 20% to 19% in April 2023 at a cost of £5.3bn to the government next tax year.

“He also confirmed his plans to reverse the 1.25 percentage point increase in National Insurance from November, a move which will reduce bills for both employees and their employers.

“There was help for high earners, with the Chancellor abolishing the additional 45% rate of Income Tax, giving a 5% tax cut to those earning over £150,000.

“Investors will be pleased to see the recent 1.25 percentage point increase in Dividend Tax will be removed in April, as Kwasi Kwarteng looked to undo much of his predecessor’s work in an effort to drive growth.

“Farmers will have welcomed the decision to leave the Annual Investment Allowance threshold on qualifying plant and machinery at £1million, rather than reduce it to £200,000 from 31st March as planned.

“Scrapping the planned increase in Corporation Tax from 19% to 25% next year means those farms that trade as limited companies with taxable profits of more than £50,000 won’t see their tax bills rise.

“The Chancellor also announced a review of agricultural productivity later this Autumn, saying the government will look at regulation, innovation and investment that impact farmers and land managers in England. Farmers will be hoping that review culminates in support from the government at a time of spiralling input costs.

“Farmers with land with development potential will also be interested in the Chancellor’s overhaul of the UK’s planning system. This could potentially increase the value of their land and cash available for investment following a sale.”