It has been called the biggest tax-cutting event in 50 years amid the rising cost of living
The UK Chancellor has announced what has been called the biggest tax-cutting event in 50 years amid the rising cost of living.
Mr Kwarteng said the energy package announced within the mini-budget will cost £60 billion for the six months from October.Reversal of National Insurance rise A recent rise in National Insurance - a tax people pay in their earnings throughout the UK - will be reversed from 6 November. First time buyers currently pay no stamp duty on the first £300,000, but that will be raised to £425,000.
Corporation Tax had been due to rise from 19% to 25% under plans drawn up by previous Prime Minister, Boris Johnson. The Chancellor said this equals a tax cut for over 31 million people throughout the UK in just a few months' time. When the cap was announced for the rest of the UK, the Government said it meant a typical household will pay no more than £2,500 a year on their energy bills for the next two years.