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| Version 19 | Version 20 |
|---|---|
| What was in the mini-budget and what is the government's new plan? | What was in the mini-budget and what is the government's new plan? |
| (4 months later) | |
| The government will reverse almost all tax measures announced in its mini-budget. | The government will reverse almost all tax measures announced in its mini-budget. |
| Plans to cut the basic rate of income tax to 19% have been shelved and support for energy bills scaled back. | Plans to cut the basic rate of income tax to 19% have been shelved and support for energy bills scaled back. |
| The mini-budget was only unveiled on 23 September, but caused turmoil on financial markets. | The mini-budget was only unveiled on 23 September, but caused turmoil on financial markets. |
| Income tax - basic rate | Income tax - basic rate |
| What was announced: | What was announced: |
| The basic rate was to be cut to 19% from April 2023. The government said this would save 31 million people £170 a year | The basic rate was to be cut to 19% from April 2023. The government said this would save 31 million people £170 a year |
| People in England, Wales and Northern Ireland pay 20% on any annual earnings between £12,571 to £50,270 - rates in Scotland are different | People in England, Wales and Northern Ireland pay 20% on any annual earnings between £12,571 to £50,270 - rates in Scotland are different |
| The rate was already due to be cut in 2024, but this was brought forward | The rate was already due to be cut in 2024, but this was brought forward |
| What has changed: | What has changed: |
| The basic rate of income tax will remain at 20% | The basic rate of income tax will remain at 20% |
| Cutting it has been put on hold "indefinitely" | Cutting it has been put on hold "indefinitely" |
| Income tax - higher rate | Income tax - higher rate |
| What was announced: | What was announced: |
| 45% rate of income tax for earnings over £150,000 abolished for England, Wales and Northern Ireland taxpayers | 45% rate of income tax for earnings over £150,000 abolished for England, Wales and Northern Ireland taxpayers |
| 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 |
| What has changed: | What has changed: |
| The government had already U-turned on the cut to the higher rate, which is no longer going ahead | The government had already U-turned on the cut to the higher rate, which is no longer going ahead |
| Corporation tax | Corporation tax |
| What was announced: | What was announced: |
| Cancel UK-wide rise in corporation tax which was due to increase from 19% to 25% in April 2023 | Cancel UK-wide rise in corporation tax which was due to increase from 19% to 25% in April 2023 |
| What has changed: | What has changed: |
| Ms Truss had already announced that UK corporation tax will go up from 19% to 25% in April 2023 after all | Ms Truss had already announced that UK corporation tax will go up from 19% to 25% in April 2023 after all |
| Does cutting corporation tax always raise more money? | Does cutting corporation tax always raise more money? |
| Energy bills | Energy bills |
| What was announced: | What was announced: |
| The government said a typical household using both gas and electricity would pay £2,500 annually for two years. It announced this before the mini-budget | The government said a typical household using both gas and electricity would pay £2,500 annually for two years. It announced this before the mini-budget |
| What has changed: | What has changed: |
| The energy price guarantee now only covers this winter. I will be in place until April next year | The energy price guarantee now only covers this winter. I will be in place until April next year |
| A Treasury-led review will look at what measures should be put in place after this date | A Treasury-led review will look at what measures should be put in place after this date |
| How is the energy price cap changing? | How is the energy price cap changing? |
| IR35 rules | IR35 rules |
| What was announced: | What was announced: |
| The government had promised to change the rules on off-payroll working, known as IR35, so companies were no longer responsible for ensuring their contractors were paying the right amount of tax. | The government had promised to change the rules on off-payroll working, known as IR35, so companies were no longer responsible for ensuring their contractors were paying the right amount of tax. |
| It said the current system created "unnecessary complexity and cost" for businesses. | It said the current system created "unnecessary complexity and cost" for businesses. |
| What has changed: | What has changed: |
| This reform, which the government said would have cost £2bn a year, will no longer go ahead. | This reform, which the government said would have cost £2bn a year, will no longer go ahead. |
| What else has been cancelled? | What else has been cancelled? |
| Other measures that have been cancelled include: | Other measures that have been cancelled include: |
| VAT-free shopping for overseas visitors, which the government said would cost £2bn | VAT-free shopping for overseas visitors, which the government said would cost £2bn |
| A freeze on alcohol duty, which would have cost £600m | A freeze on alcohol duty, which would have cost £600m |
| Cuts to the tax paid on shareholders' dividends. An increase introduced in April will stay in place, saving about £1bn | Cuts to the tax paid on shareholders' dividends. An increase introduced in April will stay in place, saving about £1bn |
| What measures are staying? | What measures are staying? |
| Measures announced in the mini-budget that have not been cancelled include: | Measures announced in the mini-budget that have not been cancelled include: |
| National Insurance | National Insurance |
| Reverse recent rise in National Insurance (NI) from 6 November | 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 |
| Will National Insurance changes leave me better off? | Will National Insurance changes leave me better off? |
| 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? | What are the new stamp duty rates? |
| 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 | 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 | Jobseekers over 50 to be given extra time with work coaches to help them return to job market |
| How are universal credit rules changing? | How are universal credit rules changing? |
| Bankers' bonuses | Bankers' bonuses |
| Rules which limit bankers' bonuses to twice their fixed salary to be scrapped | Rules which limit bankers' bonuses to twice their fixed salary to be 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 |
| What are your questions on the cost of living crisis? What would you like to know about the chancellor's mini-budget? Send your questions to yourquestions@bbc.co.uk. | What are your questions on the cost of living crisis? What would you like to know about the chancellor's mini-budget? Send your questions to yourquestions@bbc.co.uk. |
| You can also send your questions in the following ways: | You can also send your questions in the following ways: |
| WhatsApp: +44 7756 165803 | WhatsApp: +44 7756 165803 |
| Tweet: @BBC_HaveYourSay | Tweet: @BBC_HaveYourSay |
| Or fill out the form below | Or fill out the form below |
| Please read our terms & conditions and privacy policy | Please read our terms & conditions and privacy policy |
| If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at YourQuestions@bbc.co.uk. Please include your name, age and location with any submission. | If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at YourQuestions@bbc.co.uk. Please include your name, age and location with any submission. |
| Related Topics | |
| Tax | |
| Economics | |
| Liz Truss | |
| Cost of living | |
| Kwasi Kwarteng |