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Sep 23 • 10 tweets • 5 min read
💷 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… Image
📰 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… Image
💷 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… Image
🏥 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… Image
🏠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… Image
🏠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… Image
🏠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… Image
⚡️You can also see how much the energy price guarantee will save on your utility bills

telegraph.co.uk/tax/news/calcu… Image
🧮 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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More from @Telegraph

The Telegraph Profile picture
Sep 24
🗣 We've collected some of the trickiest general knowledge questions from the BBC's quiz show, Mastermind.

Test how many you know in this thread ⬇️
🔴 Question 1

What was the name of the Irish pirate queen who is said to have met Elizabeth I at the Palace of Greenwich?

a) Anne Bonny
b) Christian Cavanagh
c) Grace O’Malley
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🔵 Question 2

A chiliad comprises of how many years?

a) 1,000
b) 10,000
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The Telegraph Profile picture
Sep 24
🔴 Kwarteng gambles on biggest tax cuts in half a century

Chancellor sets out £45bn package to stave off recession – but pound slumps and economists call it a ‘leap of faith’

Thread
telegraph.co.uk/business/2022/…
Kwasi Kwarteng has unleashed the biggest tax cuts for half a century in a gamble on economic growth that caused turmoil on financial markets
💷 On his 18th day in the job, the Chancellor abolished the top rate of income tax and brought forward a reduction in the basic rate that will benefit 31 million workers
telegraph.co.uk/business/2022/… Chancellor of the Exchequer...
Read 9 tweets
The Telegraph Profile picture
Sep 23
🗣️ The veteran broadcaster, David Dimbleby, on the new PM and the 'dangerous manipulation' and 'unnervingly dishonourable behaviour' of Boris Johnson

He has written a memoir called Keep Talking

Thread: telegraph.co.uk/books/biograph…
📰 The BBC adores David Dimbleby because he is such a safe pair of hands. But actually, how do you interview a safe pair of hands?

telegraph.co.uk/books/biograph…
🏠 His main home is a farm on the Sussex Downs near Lewes, but he and his wife Belinda come to London for work

telegraph.co.uk/books/biograph…
Read 12 tweets
The Telegraph Profile picture
Sep 23
🔴 NEW: Four areas of Ukraine controlled by Russia and pro-Moscow forces are preparing to hold referendums today on joining Russia.

Follow all the latest updates on our Ukraine liveblog here ⬇️
🔴UN investigators said Friday that war crimes have been committed in the Ukraine conflict, listing Russian bombings of civilians areas, numerous executions, torture and horrific sexual violence
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The Telegraph Profile picture
Sep 23
Kwasi Kwarteng will vow in today’s mini-Budget to break Britain’s “cycle of stagnation”

🧵👇

telegraph.co.uk/business/2022/…
🔴 The Chancellor has warned the Bank of England to stop blaming the war in Ukraine for inflation

🗣️“Inflationary pressures are becoming more domestically driven,” he said
🫵 Mr Kwarteng said it was the job of the Bank to ensure inflation – which currently stands at 9.9pc – returns back to its 2pc target
Read 9 tweets
The Telegraph Profile picture
Sep 22
Kwasi Kwarteng to announce biggest tax cuts since Thatcher in push for growth

Extra spending puts Government on track for years of heavy borrowing

Thread 🧵⬇️
telegraph.co.uk/business/2022/…
🔴Kwasi Kwarteng will deliver the biggest package of tax cuts since Margaret Thatcher was in Number 10 Downing Street on Friday, the Institute for Fiscal Studies has said, as he cancels Rishi Sunak’s plans to ramp up corporation tax
➡️The Chancellor also confirmed on Thursday that the 1.25% increase in National Insurance announced by Mr Sunak would be reversed from November 6.

Mr Kwarteng is expected to follow with more tax cuts in his mini-budget statement on Friday British Chancellor of the Exchequer Kwasi Kwarteng
Read 7 tweets

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