The mini-budget, which has been called the “growth plan” by the government has been announced by Chancellor Kwasi Kwarteng. It comes as the country is going through a cost of living crisis and are seeking ways to save and make their money go further.
In this morning’s mini-budget, Kwasi Kwarteng confirmed that:
- Both the April 2022 National Insurance and Dividend rate rises are to be reversed
- Next year’s Health and Social Care Levy will be cancelled.
- The planned 2023 Corporation Tax rise has been abolished.
- Both the standard and first-time buyer zero rate bands have been increased as well as the maximum first-time buyer property purchase price.
- The additional 45% rate of income tax is to be scrapped.
- The reduction of the basic rate of income tax to 19% will now take effect next April, a year earlier than planned.
If you would like to discuss any of the above and how it might affect your financial goals, please get in touch with us – info@janenewmanfp.co.uk.