Will you benefit from the financial changes announced today in Chancellor Kwasi Kwarteng’s first ’mini budget’?

• 45% higher rate of income tax is abolished for England, Wales and Northern Ireland taxpayers with one single higher rate of income tax of 40% from April next year.
• Basic rate of income tax is cut to 19% from April 2023.
• The rules which limit bankers’ bonuses are scrapped.
• UK-wide rise in corporation tax which was due to increase from 19% to 25% in April 2023 is cancelled.
• The recent rise in National Insurance (NI) to be reversed from 6 November. The New Health and Social Care Levy to pay for the NHS will not be introduced.
• The rules around universal credit will be tightened, by reducing benefits if people don’t fulfil job search commitments. People on Universal Credit to be asked to take steps to seek more work, or face having their benefits reduced. Jobseekers over 50 will be given extra time with work coaches to help them return to job market.
• No stamp duty applied on the first £250,000 and for first time buyers that rises to £425,000 – this comes into operation today.
• VAT-free shopping restored for overseas visitors.
• The planned increases in the duties on beer, for cider, for wine, and for spirits are all cancelled.
• Energy bills will be frozen – with a total cost for the energy package expected to be around £60bn for the six months from October.