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Income Tax Cut 2024
Income Tax Cut 2024

 

Last week Chancellor Rishi Sunak divulged information regarding the health of the UK economy in his Spring Statement update.

In the biggest surprise announcement of the day, the Chancellor announced that the basic rate of income tax will be cut from 20% to 19% as of 2024.

While heralding the move as a “tax cut for workers, pensioners, and savers”, he emphasised the fact that this will also represent the first time in 16 years that the basic rate has been cut.

Under the new basic rate, the average taxpayer will be £175 a year better off before the end of this parliament, according to the Chancellor’s tax plan, representing a £5bn total tax cut overall.

The logic and tangible impact of cutting income tax, however, while continuing to raise the rate of NICs as planned, is already being questioned by some.

 

 

Want more information?

 

For a more extensive overview please view our full report on the Spring Statement 2022.

We will also continue to publish bite-size breakdowns of our report this week, so be sure to stay tuned for that.

 

 

Contact Gow and Partners

 

Talk to our highly skilled team of accountants today to find out how these changes could affect you and your business.

Simply call 01254 589799.

Alternatively, you can fill in a contact form, or send us an email at info@gowandpartners.co.uk.