The Chancellor announced the biggest tax cuts in decades
Some of the biggest tax cuts over the last 40 years were announced in Chancellor Kwasi Kwarteng's mini-budget earlier this week. Critics say it will overwhelmingly benefit the better off, fearing it will not help struggling families on a lower income.
At the moment, workers pay 13.25% on earnings between £12,570 to £50,270 - this will fall back to 12% from November 6. Those earning more - above £50,270 - pay 3.25% on earnings but this will go down to 2%.The reversal of the 1.25 percentage point hike will result in an annual saving of £218 for someone earning £30,000, rising to £468 for someone earning £50,000. Another big change was the bringing forward of a 1p cut to income tax.
The Government is also abolishing the top tier higher 45% rate of income tax and will replace it with a single higher rate of 40%. At the moment, people who earn more than £150,000 a year pay the 45% rate of income tax so this move benefits only 1% of workers, who will save £10,000 on average each.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Young people will miss out in a budget that favours high-earners, warn financial expertsYoung people have missed out in the government’s mini-budget as savings from personal tax cuts will disproportionately favour older, higher earners, financial experts have warned.
Lire la suite »
Newspaper headlines: New Year tax cuts and Labour's 'green growth' planFollowing the controversial mini-budget, Sunday's papers report on the PM's plans for more tax cuts.
Lire la suite »
Universal Credit warning in changes announced by ChancellorIn some cases, benefits could be reduced
Lire la suite »
Mini budget: Shropshire money advice expert says more help needed amid cost of living crisis“I am a real advocate for bringing back the £20 Universal Credit uplift. It made such a huge difference to the people we’ve supported' - Daniel Bebbington.
Lire la suite »