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Mini Autumn Budget - September 2022

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

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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