Tax changes announced

In a massive shake-up of the UK’s finances, Chancellor Kwasi Kwarteng has outlined a series of tax cuts and economic measures he says will boost growth.

In summary, he changed:
• Stamp Duty:
o no duty on first £250,000 (up from £125,000)
o first time buyers will pay no duty of first £425,000 (up from £300,000)
Note that the additional 3% levy for second homes remains

• Corporation Tax will remain at 19%, not go to 25% as originally intended

• Income Tax cut by 1p to 19 p from April 2023
The top rate of 45% has been scrapped

• An increase in National Insurance has been reversed, and low-tax investment zones will be set up across the UK

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