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Kwarteng scraps top 45% rate of income tax and cuts stamp duty [View all]
Cuts to the top rate of tax, national insurance, and stamp duty were announced by the government.
A 1p tax cut planned in the basic rate of income tax for 2024 will be brought forward to 2023, and the top rate of 45% is being scrapped, so the highest rate will be 40%.
A national insurance rise of 1.25% will be cancelled, saving households £330 a year.
Stamp duty thresholds will be increased, cutting the tax paid on purchasing homes. The £500,00 threshold will rise from £500,000 to £650,000. He said the cuts would be permanent.
https://www.theguardian.com/uk-news/2022/sep/23/kwasi-kwarteng-announces-sweeping-tax-cuts-in-mini-budget
A 1p tax cut planned in the basic rate of income tax for 2024 will be brought forward to 2023, and the top rate of 45% is being scrapped, so the highest rate will be 40%.
A national insurance rise of 1.25% will be cancelled, saving households £330 a year.
Stamp duty thresholds will be increased, cutting the tax paid on purchasing homes. The £500,00 threshold will rise from £500,000 to £650,000. He said the cuts would be permanent.
https://www.theguardian.com/uk-news/2022/sep/23/kwasi-kwarteng-announces-sweeping-tax-cuts-in-mini-budget
So this is overwhelmingly aimed at the rich - it is roughly 1% of people in the UK (600,000 people) on the top 45% rate.
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