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| Version 12 | Version 13 |
|---|---|
| At a glance: What's in the mini-budget? | At a glance: What's in the mini-budget? |
| (about 1 hour later) | |
| Chancellor Kwasi Kwarteng has unveiled what he claims are the biggest tax cuts in a generation, so what is in his mini-budget? | Chancellor Kwasi Kwarteng has unveiled what he claims are the biggest tax cuts in a generation, so what is in his mini-budget? |
| Income tax | Income tax |
| Cut in basic rate of income tax to 19% from April 2023 | Cut in basic rate of income tax to 19% from April 2023 |
| Government estimates 31 million people getting £170 a year more | |
| 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 | 45% higher rate of income tax abolished |
| One single higher rate of income tax of 40% from April next year | One single higher rate of income tax of 40% from April next year |
| National Insurance | National Insurance |
| Reverse recent rise in National Insurance (NI) from 6 November | |
| Workers and employers have paid an extra 1.25p in the pound since April | 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 | New Health and Social Care Levy to pay for the NHS will not be introduced |
| What is national insurance? | What is national insurance? |
| Corporation tax | Corporation tax |
| Cancel rise in corporation tax which was due to increase from 19% to 25% in April 2023 | Cancel rise in corporation tax which was due to increase from 19% to 25% in April 2023 |
| Does cutting corporation tax always raise more money? | Does cutting corporation tax always raise more money? |
| Benefits | Benefits |
| Rules around universal credit tightened, by reducing benefits if people don't fulfil job search commitments | 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 steps to seek more work, or face having their benefits reduced | |
| Jobseekers over 50 to be given extra time with work coaches to help them return to job market | |
| What is universal credit? | What is universal credit? |
| Work and investment | |
| IR35 rules - the rules which govern off-payroll working - to be simplified | |
| Annual investment allowance, the amount companies can invest tax free, remains at £1m indefinitely | |
| Regulations change so pensions funds can increase UK investments | |
| New and start-up companies able to raise up to £250,000 under scheme giving tax relief to investors | |
| Share options for employees doubled from £30,000 to £60,000 | |
| Stamp duty | Stamp duty |
| Cut to stamp duty which is paid when people buy a property in England and Northern Ireland | 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 | 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 | 200,000 more people will be taken out of paying stamp duty altogether, government claims |
| What are the new stamp duty rates? | |
| Energy | Energy |
| Freeze on energy bills, which the government claims will reduce inflation by 5 percentage points | |
| Total cost for the energy package expected to be around £60bn for the six months from October | |
| Bankers' bonuses | Bankers' bonuses |
| Rules which limit bankers' bonuses scrapped | Rules which limit bankers' bonuses scrapped |
| Package of regulatory reforms to be set out later in the autumn | Package of regulatory reforms to be set out later in the autumn |
| Shopping | Shopping |
| VAT-free shopping for overseas visitors | VAT-free shopping for overseas visitors |
| Planned increases in the duties on beer, for cider, for wine, and for spirits cancelled | |
| Infrastructure and investment zones | |
| Government discussing setting up investment zones with 38 local areas in England | |
| Tax cuts and liberalised planning rules to be offered to release land for housing and commercial use | |
| Investment zones offered measures such as no business rates and stamp duty waived | |
| New legislation to cut planning rules, get rid of EU regulations and environmental assessments in an effort to speed up building |