UK SET OUT BIGGEST TAX CUTS IN 50 YEARS

UK SET OUT BIGGEST TAX CUTS IN 50 YEARS

September 23, 2022

UK SET OUT BIGGEST TAX CUTS IN 50 YEARS.

New Finance Minister of Britain Kwasi Kwarteng unleashed historical Tax cuts & Huge increase in Borrowing.

UK SET OUT BIGGEST TAX CUTS IN 50 YEARS:

Brief Highlight-

Income Tax:

From 2023 Cut in basic rates of Income tax.
As per Govt. Estimation Approx 31 million people getting 170£(Pond) more.
In case of England, Wales & Northern Ireland taxpayers 45℅higher Rate of Income tax is abolished.
From April Next Year One single higher rate of Income Tax 40%.

Bankers Bonuses:

The rules which bankers limit is going to be abolished.
In Autumn Package of regulatory reforms to be set out in later.
Corporate Tax: UK cancels wide rise in corporate Tax. As it was going to increase from 19℅ to 25℅ in April 2023.

Shopping🛍️💸:

In case of Overseas Visitors - Vat free Shopping.
Planned to increase duties on wine, beer, Cider & in case of Spirits it is cancelled.

Stamp Duty:

Cut in Stamp Duty when people buy property in England & Northern Ireland.
No Stamp Duty on first £250,000 & for first time buyers that rises to £425,000 comes in operation from today.

Energy:

Freeze on Energy Bills - By this government claims to reduce inflation by 5℅.
Energy Package total Cost expected to be approx. 60bn ponds for six months from October

Comments