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.

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