BREAKING NEWS – Repeal of IR35 reforms and back track on Corporation Tax

Jeremy Hunt, The Chancellor of the Exchequer, has today scrapped the plans to repeal the Off-payroll IR35 Reforms, which had been announced by Kwasi Kwarteng on 22 September 2022.

As part of his ‘Growth Plan’, Kwarteng had set out a number of tax cuts designed to support the growth of the British Economy. However, following widespread criticism and instability in financial markets, Mr Kwarteng was replaced with Jeremy Hunt who has scrapped all of the growth plan changes bar the planned cut to stamp duty and National Insurance.

Repeal of the IR35/off-payroll working legislation had come as welcome news for our industry, with optimism that the UKs self-employed workforce would flourish. So this u-turn on a u-turn is very disappointing, with the end client being responsible for determining the IR35 status of their contractors. So, business as usual, but not as we would wish for our contractor clients.