how much will you save after national insurance, stamp duty and tax relief

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In a radical package of tax cuts, Chancellor Kwasi Kwarteng has brought forward a reduction in the basic rate of income tax relief, slashed National Insurance contributions and abolished the additional rate of income tax.

Sir. Kwarteng announced in his mini-budget on Friday that the reduction of 1 per cent. of the basic rate of income tax – first announced by former chancellor Rishi Sunak – will be brought forward by a year.

This means that from April 2023, property tax payers will pay 19 per cent. in income tax, down from 20 per cent. According to Mr Kwarteng, this works out to an average tax saving of £170 next year for 31 million people.

The additional income tax – 45 per cent. for workers earning £150,000 or more – has also been abolished. Anyone earning over £50,271 pays the higher rate of 40pc. after the change comes into force in April 2023.

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