💷 In a radical package of tax cuts, Chancellor Kwasi Kwarteng has:
🔴 Brought forward a cut to the basic rate of income tax cut
🔴 Slashed National Insurance contributions
🔴Abolished additional rate of income tax
How much will #MiniBudget save you?
telegraph.co.uk/tax/news/calcu…
📰 Mr Kwarteng announced that the 1pc cut to the basic rate of income tax – first announced by former Chancellor Rishi Sunak – will be brought forward by one year
telegraph.co.uk/tax/news/calcu…
📰 This means that from April 2023, basic-rate taxpayers will pay 19pc in income tax, down from 20pc.
According to Mr Kwarteng this works out as an average tax saving of £170 next year for 31 million people
telegraph.co.uk/tax/news/calcu…
💷 Ahead of his mini-Budget, Mr Kwarteng confirmed that he was cancelling the 1.25 percentage point increase imposed by Rishi Sunak to pay for social care and dealing with the NHS backlog
telegraph.co.uk/tax/news/calcu…
🏥 Mr Kwarteng said he would also be scrapping the planned Health and Social Care Levy which was due to come into effect next April and raise around £13bn a year
telegraph.co.uk/tax/news/calcu…
🏠The Chancellor also has lifted 200,000 people out of paying tax on buying property in a radical overhaul of the stamp duty system
telegraph.co.uk/tax/news/calcu…
🏠With immediate effect the Government has increased the threshold above which stamp duty must be paid on the purchase of residential properties in England and Northern Ireland from £125,000 to £250,000
telegraph.co.uk/tax/news/calcu…
🏠The threshold at which first-time buyers begin to pay duty will increase from £300,000 to £425,000, and the maximum value of a property on which first-time buyers relief can be claimed will also increase, from £500,000 to £625,000
telegraph.co.uk/tax/news/calcu…
⚡️You can also see how much the energy price guarantee will save on your utility bills
telegraph.co.uk/tax/news/calcu…
🧮 How much will you save after National Insurance, stamp duty and income tax cuts?
Find out more on our tax calculator here: telegraph.co.uk/tax/news/calcu…
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