When Chancellor Kwasi Kwarteng announced his changes to the basic rate of Income Tax you may have wondered what it meant for you.
From 6 April next year, the basic rate of Income Tax will be reduced by one percentage point – from 20 per cent to 19 per cent.
This cut to Income Tax was first announced by former Chancellor Rishi Sunak but has now been brought forward a year in the new Government’s changes to taxation.
- Non-savings, non-dividend income for taxpayers in England, Wales and Northern Ireland
- The savings basic rate which applies to savings income for taxpayers across the UK
- The default basic rate which applies to non-savings and non-dividend income of any taxpayer that is not subject to either the main rates or the Scottish rates of Income Tax.
Link: Income Tax factsheet
