The mini-budget was announced by new Chancellor, Kwasi Kwarteng, on 23rd September 2022.
The headline information is as follows:-
Income tax:
The basic rate of income tax is to be cut from 20% to 19% from April 2023, this could save the average taxpayer around £170 per year. The additional rate of tax, for earners with income over £150,000, has been scrapped.
Stamp duty:
With immediate effect, stamp duty will not be payable on the first £250,000 of a property’s value, this is an increase from £125,000. First-time buyers can now buy a house up to the value of £425,000 without paying stamp duty, this is an increase from £300,000.
National insurance:
The rise in national insurance contributions of 1.25% that took effect in April 2022 will be reversed from 6 November.