Tax change calculator: see how much you will save
Millions of workers are to pay less tax following the Chancellor’s mini budget.
Millions of workers are to pay less tax following the Chancellor’s mini budget.
The basic rate of income tax is to be cut by one penny from 20% to 19% and will be introduced in April 2023 – one year earlier than planned.
The Chancellor also announced that the 45% top rate of tax will be abolished.
This is in addition to the reversal of the 1.25% hike in National Insurance.
If you earn up to £100,000 per year, you can use our tool below to see how the changes affect you:
The mini-budget, called the “growth plan” by the government, comes as the UK faces a cost of living crisis, soaring inflation and climbing interest rates.
