Friday 23 September 2022 02:50 PM What the 'Emergency Budget' means for YOU: From income tax cut to reversing ... trends now
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More than 30 million taxpayers are set to benefit from a cut to income tax next year, as announced by Kwasi Kwarteng today.
The Chancellor used his 'emergency Budget' this morning to slash the basic rate of income tax by 1p from April.
It means the basic rate will now be cut from 20 per cent to 19 per cent a year earlier than previously planned.
The Treasury estimated that 31 million taxpayers will benefit from the 1p cut next year, with an average gain of £170.
Mr Kwarteng also dramatically announced he is abolishing the 45p tax rate, which is currently paid by those who earn more than £150,000 a year.
The additional rate will be removed from April and mean that all annual income above £50,270 will now be taxed at 40 per cent, the current higher rate of tax.
The Treasury estimated around 660,000 people will benefit from the abolishment of the additional rate next year.
Chancellor Kwasi Kwarteng used his 'emergency Budget' this morning to slash the basic rate of income tax by 1p from April
Mr Kwarteng's changes to income tax rates next year will see those
