The Mini-Budget: What did it mean?

It has been quite a week since the Chancellor Kwasi Kwarteng delivered his so-called Mini-Budget.

While some of the measures were broadly welcomed, they were completely overshadowed by the response to the announcement that the 45% top rate of tax would be scrapped, benefiting only those earning more than £150,000 a year.

Overall, the package of measures unveiled by the new Chancellor amounted to the biggest tax-cutting package since 1972.

Following a turbulent few days, the Government had to beat a hasty retreat, leaving the 45% rate of tax as it is to avoid it “distracting” from the wider objective of growing the UK economy.

The initial reaction of the markets to the U-turn were mildly favourable, but this was from a low base with sterling having fallen to its lowest ever level against the US dollar and bonds and equities also falling sharply in the immediate aftermath of the Mini-Budget.

By way of a reminder, the key announcements included:

Personal tax

There is to be a cut in the basic rate of tax from 20% to 19% which means a tax cut for over 31 million of us. The 45% rate of income tax remains the same following the backlash over the decision to scrap it.

Corporation Tax

The proposed increase in Corporation Tax to 25% has also been abandoned in a move to attract investment into the UK.


The Energy Bill Relief Scheme is to support all non-domestic customers, a move to mirror the Energy Price Guarantee that is available to households.

Investment Zones

New Investment Zones have been created, including Cheshire West and Chester Council, in a bid to accelerate growth in these recently identified areas.


Rules introduced in 2017 and 2021 for how contractors are engaged are to be relaxed with responsibility resting with the company which hires an individual.

Stamp Duty Land Tax

This is to be increased from £125,000 to £250,000 with first time buyers benefitting from an increase to £425,000.


Growing the economy by taking bold steps in how we are taxed is at the heart of the Government’s plans.

What is clear is that the financial landscape for us all, whether employed, self-employed or business owners is changing.

Now, more than ever, the need to take financial planning guidance is critical to ensure that our goals are achieved, our tax managed professionally and our money works as hard as it possibly can.

At Cullimore Dutton we aim to Change Lives by working with clients to support them in everything they want to achieve at every step of the journey. If you would like to speak someone from our specialist finance and estate team, please do not hesitate to contact us on 01244 729073.


Sponsorship renewed with Chester RUFC

We are delighted to have renewed our sponsorship of Chester Rugby Union Football Club for the new season.

As a firm we love to support our local communities and our commitment to Chester RUFC is now into its fifth season.

Our sponsorship will help the club to support their youth players of all ages. We’re also looking forward to taking a number of clients to various games throughout the season.

As well as Chester RUFC, we have been sponsoring Frodsham Junior Football Club since 2016. Our Managing Director Andrew Wright was a club player for the club in his youth and a previous U10s squad manager.

Dave Maloney, Chairman of Chester RUFC, said: “Our sponsors are extremely important to us, so we are very pleased to continue our relationship with Cullimore Dutton.”

Claim your free Chester rugby match tickets
As part of our sponsorship of Chester RUFC we are delighted to offer our clients a limited number of free tickets* to first team home fixtures. You can view a list of fixtures by clicking here. If you would like to attend a match simply apply by emailing:
*Restrictions apply

He did it!

Legal Secretary Rhodri Roberts smashed his first triathlon at the weekend – and now has his sights set on the Chester Triple.

Rhodri, 49, from Holywell, took part in the Bala Standard Triathlon on Sunday.

He said: “The Bala Triathlon went really well but, being my first triathlon, it was a steep learning curve. The swim was extremely tough and I’ve got lots to work on ahead of my ambition to do an Ironman next year.

“It was great to finish in style with a cream tea in Bala town and hopefully I’ve inspired other people to give triathlon a go.”

Rhodri plans to next complete The Chester Triple, which consists of the Chester 10K, Half and MBNA Chester Marathon. He has already completed the 10K and Half Marathon. The Chester Marathon takes place on October 2.

Rhodri has raised thousands of pounds for charities including Leukaemia and Lymphoma Research, WaterAid and Cancer Research since he started his challenges.

He only started running during the pandemic as a way to mix up his mountaineering training. To date he has scaled Mount Kilimanjaro, Mont Blanc and Mount Elbrus as well as completing the National Three Peaks Challenge and the Six Peaks Challenge.

Andrew Wright, Managing Director of Cullimore Dutton, which prides itself on changing people’s lives with its legal and financial services and contribution to the local community, said: “Rhodri is an inspiration and we’re looking forward to supporting him on his next challenges.”