The Chancellor today confirmed the basic rate of income tax will be cut to 19% while the additional rate of tax for the highest earners will be abolished next year. As part of Kwasi Kwarteng’s mini Budget, he announced a 1p cut to the basic rate of income tax from April 2023. This means people earning between £12,570 and £50,270 will pay 19p in the pound in income tax, down from 20p.
It will result in 31 million people saving an average of £170 a year, at a cost of £5bn to the government, according to Kwarteng.
It will apply to […]
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