Friday, September 23, 2022

Budget Bullet Points

  • Top income tax rate of 45% scrapped

  • A cut to stamp duty - meaning the exemption level was immediately doubled from £125,000 to £250,000 and from £300,000 to £425,000 to first-time buyers

  • Planned cut of 1p to basic rate income tax brought forward by a year to 2023

  • Cap on bankers' bonuses to be removed

  • National insurance to be cut from November

  • Planned increase on corporation tax to be axed and to remain at 19%

  • Stricter rules for those on Universal Credit - they must take active steps to seek more and better paid work, or face having benefits reduced

  • The introduction of VAT-free shopping for overseas visitors

  • Legislation to crack down on strikes forcing trade unions to put pay offers to a member vote

  • Planned increase on alcohol duty to be axed


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