MSE News: National insurance tax cuts to save workers £330/year from November

MSE_Petar

Chancellor Kwasi Kwarteng has announced that the 1.25 percentage point rise in national insurance contributions (NICs), which took effect earlier this year, will be reversed in November. Please note: this is a breaking news story and we are planning to update it with more detail in due course.

Read the full story:
'National insurance tax cuts to save workers £330/year from November as Government reverses previous rise – what you need to know'

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Dazed_and_C0nfused

Three of the four dividend tax rates are also being reduced by 1.25% from April 2023.

Country must have too much money 😳

Plasticman

I wonder if that will be for employees and employers and whether the (recently raised) thresholds will remain unchanged. 

molerat

Plasticman said:

I wonder if that will be for employees and employers and whether the (recently raised) thresholds will remain unchanged. 

The article states they will remain.

Grumpy_chap

It was a bit odd to announce that today when there is the "budget" tomorrow.
It was a well-trailed and expected announcement anyway, but the actual announcement today seems pointless.

JonVarnas

Saves me the grand sum of £2.40 a week. Cheers Kwasi!

Grumpy_chap

I am happy to be told that I've missed the obvious but today we had a "fiscal statement" or whatever they called it.

Now, for many years, there would be a budget in spring where the big changes were set and autumn statement where things would be tweaked.

In recent years, that all swapped so there was a budget in autumn (big changes) and spring statement (tweaks).

Does today's "fiscal statement" with all the big changes it announced mean there will not now be a budget this year, but only a spring statement and then the first actual budget under Liz Truss will be autumn 2023?

bamgbost

Grumpy_chap said:

I am happy to be told that I've missed the obvious but today we had a "fiscal statement" or whatever they called it.

Now, for many years, there would be a budget in spring where the big changes were set and autumn statement where things would be tweaked.

In recent years, that all swapped so there was a budget in autumn (big changes) and spring statement (tweaks).

Does today's "fiscal statement" with all the big changes it announced mean there will not now be a budget this year, but only a spring statement and then the first actual budget under Liz Truss will be autumn 2023?

Probably that is correct