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Mini Autumn Budget - September 2022

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Basic Rate Tax Band Reduction

Income tax has been cut from 20% to 19% from the 6th April 2023. With the current tax brackets in place, this will affect annual personal earnings between £12,571 to £50,270.

This Has Now Been Abandoned

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Additional Rate Tax Band Abolished

The higher rate of income tax will be removed completely from the 6th of April 2023. In favour of going for a single higher income tax rate of 40% for any income over £50,270 based on the current tax brackets.

This Has Now Been Abandoned

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