Too bad, contractors: UK government reverses decision to axe IR35 tax reform
— following a volatile market reaction to its planned tax cuts.
But today, Jeremy Hunt — who replaced Kwasi Kwarteng as chancellor of the exchequer on Friday — announced he planned to reverse most of the tax cuts introduced in the so-called mini-budget, a humiliating U-turn for the government. His plans include reversing the repeal of IR35. Matt Fryer, MD of accounting firm Brookson Group, said:"Uncertainty isn't helpful for hirers or contractors, particularly in today's economic climate. At least retaining the current off payroll working rules takes us back to the position we were in a few weeks ago and gives us a bit of certainty. However, it is clear now that the government acknowledges the current rules aren't working as expected.
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