Chris Colville, tax director at Hall Morrice says,
“The changes to IR35 are key to the economy of the north-east in particular; we have a large contractor and self-employed community here which is vital to the energy sector. There had been fears that what would be announced today would amount to little more than a review, but the news today that the 2017 and 2021 reforms to IR35 are to be scrapped is an important move for our region.”
“The much-anticipated cancellation of the corporate tax increase and the reversal of the National Insurance increase which both apply UK wide are also to be welcomed. The NI reversal taking effect from 6 November may ameliorate some of the rising cost of living effects.
“The personal tax rate cut only applies to the rest of the UK. It remains to be seen if the Scottish government will feel pressure to reflect this change in their 2023/24 income tax rates.”