This was a Budget about tax. Income tax, stamp duty and corporation tax have all been cut (or planned increases cancelled). Here is what it all means ⬇️
Caption: Embargoed to 2300 Monday September 16 File photo dated 27/8/2014 of signage of HM Treasury in London. Public spending by the Government is often wasteful, falls way short of what is required and is in need of a major overhaul, a report from the Institute for Government has concluded. PA Photo. Issue date: Monday September 16, 2019. See PA story POLITICS Spending.
Someone who qualifies as being an additional tax rate payer – according to latest Government figures there are 629,000 people in this group – say earning £151,000 a year, will have a monthly saving of £123 due to their new lower marginal tax rate of 40 per cent.While the reduction in national insurance will be welcomed by employers and employees, it will be less popular with payroll teams.
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