UK SET OUT BIGGEST TAX CUTS IN 50 YEARS

 

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