Tax change calculator: see how much you will save
Income tax will be cut by one penny to 19% for all, with the 45% top rate of tax also to be abolished.
Friday 23 September 2022 14:05, UK
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 pennyfrom 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.
This is in addition to the reversal of the 1.25% hike in National Insurance.
Use our tool below to see how the changes affect you:
The graph below shows annual savings from the changes to National Insurance contributions and income tax by income.
And below is the annual savings as a % of income.