![]() ![]() Your Stamp Duty bill is cut by just £740, from £740 to £0. The average flat in Salford costs £162,000. That’s because if your house cost more than £250,000, today’s change saves £2,500.īut if your house cost £250,000, you’ll save less than that. With houses more expensive down south, Treasury officials argue this scraps Stamp Duty for many in the north.īut there's another way of looking at it, in which actually, people in the south gain more from the tax cut. Stamp Duty is being slashed when you buy a house, with the 2% rate kicking in above £250,000 instead of £125,000. ![]() Government data says ‘financial institution managers and directors’ earn nearly £44,000 - compared to a median UK salary of just under £26,000 a year. We are going to get rid of it.”īut on an individual level, this can only help people who are better off - as bankers earn above-average salaries. "It never capped total remuneration so let’s not sit here and pretend otherwise. The Chancellor claimed: “All the bonus cap did was push up the basic salaries of bankers or drive activity outside Europe. Unlimited bonuses for millionaire bankers will once again be allowed as a cap of twice their salary is axed. Tory MP Julian Smith tweeted: “In a statement with many positive enterprise measures this huge tax cut for the very rich at a time of national crisis & real fear & anxiety amongst low income workers & citizens is wrong.” Bankers’ bonuses rise While that will help anyone who earns more than £12,570 a year, the more you earn, the more you gain.Ī £15,000 earner gains £30 a year, a £30,000 earner gains £218 a year, and a £50,000 earner gains £468 a year. National Insurance is being cut back to what it was in March - 12p in the pound, rather than 13.25p. And on average, they each stand to save an eye-watering £10,000 a year. The 1p overall Income Tax cut hands 31million taxpayers an “average gain of £170”.īut when it comes to axing the 45p rate, just 660,000 of the richest Brits will benefit. While that is pretty unequal, it’s nothing compared to the 45p rate being axed for people who earn £150k or more. It then hands £209 to £33k earners, and £377 to anyone on more than £50k. This will hand an extra £42 a year to £17k earners, and £126 to £25k earners. Income Tax is being cut from 20p to 19p in April 2023 for 31million Brits. Here are some of the biggest ways today’s mini-Budget helps the rich while giving comparatively almost nothing to the poor. Lib Dem leader Ed Davey said: “This was the billionaires' budget." IFS think tank director Paul Johnson said even middle earners will still lose out - as only those earning £155k benefit overall. Rebecca McDonald of the Joseph Rowntree Foundation said it “has wilfully ignored families struggling through a cost of living emergency”.
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