(Taken from https://www.bbc.co.uk/news/business-62920969)
Income tax
- Cut in basic rate of income tax to 19% from April 2023
- Currently, people in England, Wales and Northern Ireland pay 20% on any annual earning between £12,571 to £50,270 (Rates in Scotland are different).
- 45% higher rate of income tax abolished
- One single higher rate of income tax of 40% from April next year
National Insurance
- Reverse a recent rise in National Insurance (NI) from 6 November
- Workers and employers have paid an extra 1.25p in the pound since April
- New Health and Social Care Levy to pay for the NHS will not be introduced
Corporation tax
- Cancel rise in corporation tax which was due to increase from 19% to 25% in April 2023
Benefits
- Rules around universal credit tightened, by reducing benefits if people don't fulfil job search commitments
- Around 120,000 more people on Universal Credit to be asked to take active steps to seek more work, or face having their benefits reduced
Stamp duty
- Cut to stamp duty which is paid when people buy a property in England and Northern Ireland
- No stamp duty on first £250,000 and for first time buyers that rises to £425,000 - comes into operation today
- 200,000 more people will be taken out of paying stamp duty altogether, government claims
Energy
- Total cost for energy package expected to be around £60bn for the six months from October
Bankers' bonuses
- Rules which limit bankers' bonuses scrapped
- Package of regulatory reforms to be set out later in the autumn
Shopping
- VAT-free shopping for overseas visitors
- Planned increases in the duty rates for beer, for cider, for wine, and for spirits cancelled
No comments:
Post a Comment