Skip to main content

How will you be affected by the government’s tax and NI changes?

We examine the relative fortunes of some sample households under Kwasi Kwarteng’s mini-budget and Jeremy Hunt’s revised plans

Millions of households will pay hundreds of pounds more in tax than planned next year as most of the mini-budget announcements made just three weeks ago by the then chancellor, Kwasi Kwarteng, have been reversed.

His successor, Jeremy Hunt, scrapped plans for an income tax cut, which would have saved some families hundreds of pounds a year. However, the 1.25 percentage point increase in national insurance payments will still be axed in November, meaning some will still benefit from a reduced tax bill. Here look at how the announcement will affect the finances of nine typical households.

Continue reading...

from The Guardian https://ift.tt/jOm58KP
Labels:

Comments

Post a Comment

Popular posts from this blog

The Guardian view on Covid-19, five years on: lessons still to be learned | Editorial

Though many would rather forget the pandemic, we are living with its consequences. Are we any better prepared for the next one? “When asked what was the biggest disaster of the twentieth century, almost nobody answers the Spanish flu,” notes Laura Spinney in her book Pale Rider, of an event that killed as many as one in 20 of the global population. “There is no cenotaph, no monument in London, Moscow or Washington DC.” Most of us will better understand that absence after Covid-19 , which was declared a pandemic by the World Health Organization five years ago this week. Some cannot put those events behind them: most obviously, many of those bereaved by the 7 million deaths worldwide (not including those indirectly caused by the pandemic ), and the significant numbers still living with long Covid . Others want to forget the loss of loved ones, the months of isolation and the costs to businesses, families and mental health. Do you have an opinion on the issues raised in this article? I...
Post a Comment
Read more