The Chancellor today confirmed the basic rate of income tax will be cut to 19 per cent 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 up to £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 the […]
Full Post at www.mortgagesolutions.co.uk