Tax change calculator: see how much you will save | Business News

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Millions of workers are to pay less tax following the Chancellor’s mini budget.

The basic rate of income tax is to be cut by one penny from 20% to 19% and will be introduced in April 2023 — one year earlier than planned.

The Chancellor also announced that the 45% top rate of tax will be abolished.

Mini-budget — latest updates

This is in addition to the reversal of the 1.25% hike in National Insurance.

If you earn up to £100,000 per year, you can use our tool below to see how the changes affect you:

Sky News has asked the Treasury to confirm whether the rules will be changed for those who earn over £100,000 and we are waiting for a response. At the moment your personal allowance goes down by £1 for every £2 that your income is above £100,000. Our calculator doesn’t not reflect this.

The mini-budget, called the «growth plan» by the government, comes as the UK faces a cost of living crisis, soaring inflation and climbing interest rates.



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