Chancellor Kwasi Kwarteng has unveiled what he claims are the biggest tax cuts in a generation, so what is in his mini-budget? Tarahwelsh explains
Anyone on the major benefits - such as universal credit - should expect a rise in what they receive, owing to the link to inflation. However, that will not come until April. Many charities have called for that rise to come earlier.
Stamp duty holidays are often used by governments to encourage activity in the housing market. The theory is that people also spend on things like home improvements and fixtures and fittings after they move, thus boosting economic growth.The chancellor said that, instead of a stamp duty holiday, there would beIn detail, it means, the threshold of how much a property has to cost before stamp duty is paid has been changed from £125,000 to £250,000.
However, the impact varies considerably depending on what you earn, as there are weekly thresholds for National Insurance. There is nothing to pay on the first £242 earned per week, then it is 13.25% on earnings between £242.01 and £967, and 3.25% on the rest.
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