MINI-BUDGET: WHAT IT MEANS FOR YOU AND YOUR FINANCES

26 September 2022

With the cost of living rising, these are the key announcements from Chancellor Kwasi Kwarteng which will affect you.

Mini budget: what has been annouced?

Income Tax:

Income tax cut will come earlier & a cut in the basic rate of income tax will be brought forward by a year.

Basic rate cut by 1p to 19p from April 2023.

Scrapped: 45% top rate for high earners

National Insurance:

1.25% rise to be reversed from November 2022.

Stamp Duty:

No duty on first 250,000 of property's value up from 125,000

First Time Buyers:

No duty on first 425,000 of property's value, up from 300,000

Bankers Bonuses:

Scrapped: Cap limiting payouts

Corporation Tax:

Scrapped: planned rise from 19% to 25%

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