The basic rate of income tax will fall from 20p to 19p in the pound next year, the chancellor says.
The basic rate of income tax will fall from 20p to 19p in the pound from April next year, the chancellor has said.
The cut in the basic rate of income tax, which applies to people that earn between £12,571 to £50,270, comes a year earlier than planned. The chancellor said high tax rates "damage Britain's competitiveness" and reduce incentives for new businesses, arguing that tax cuts are "central to solving the riddle of growth".The move means the 629,000 people earning more than £150,000 a year will instead pay the tax rate of 40%, which is applicable to those earning more than £50,271.
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