The UK government’s finances were shaken up today when Chancellor Kwasi Kwarteng unveiled a range of tax cuts and economic measures in the form of a mini-budget. The most important points of the budget announcement are summarised below…

Income Tax

From April 2023 on, the basic income tax rate will be reduced to 19%.

Taxpayers in England, Wales, and Northern Ireland will no longer be subject to the higher income tax rate of 45%.

Starting in April of next year, there will be a single, higher income tax rate of 40%.

National Insurance

From November 6th, the National Insurance (NI) rate increase will be rolled back.

Stamp Duty

As of today, first-time buyers are exempt from paying stamp duty on the first £425,000 of a property’s value. No stamp duty on first £250,000.

Corporation Tax

April 2023’s planned increase in company tax in the United Kingdom from 19% to 25% has been stopped.


A simplification of the regulations governing non-payroll labour is in the works.


Shopping will be VAT-free for tourists


Freeze on energy bills, which the government claims will reduce inflation by 5%

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