At a glance: What's in the mini-budget?

  • Published
Image source, Getty Images

Chancellor Kwasi Kwarteng has unveiled what he claims are the biggest tax cuts in a generation, so what is in his mini-budget?

Income tax

  • Cut in basic rate of income tax to 19% from April 2023
  • Government estimates 31 million people getting £170 a year more
  • Currently, people in England, Wales and Northern Ireland pay 20% on any annual earning between £12,571 to £50,270 - rates in Scotland are different
  • 45% higher rate of income tax abolished for England, Wales and Northern Ireland taxpayers
  • One single higher rate of income tax of 40% from April next year

National Insurance

Corporation tax


  • Rules around universal credit tightened, by reducing benefits if people don't fulfil job search commitments
  • Around 120,000 more people on Universal Credit to be asked to take steps to seek more work, or face having their benefits reduced
  • Jobseekers over 50 to be given extra time with work coaches to help them return to job market

Work and investment

  • IR35 rules - the rules which govern off-payroll working - to be simplified
  • Annual investment allowance, the amount companies can invest tax free, remains at £1m indefinitely
  • Regulations change so pensions funds can increase UK investments
  • New and start-up companies able to raise up to £250,000 under scheme giving tax relief to investors
  • Share options for employees doubled from £30,000 to £60,000

Stamp duty

  • Cut to stamp duty which is paid when people buy a property in England and Northern Ireland
  • No stamp duty on first £250,000 and for first time buyers that rises to £425,000 - comes into operation today
  • 200,000 more people will be taken out of paying stamp duty altogether, government claims


  • Freeze on energy bills, which the government claims will reduce inflation by 5 percentage points
  • Total cost for the energy package expected to be around £60bn for the six months from October

Bankers' bonuses

  • Rules which limit bankers' bonuses scrapped
  • Package of regulatory reforms to be set out later in the autumn


  • VAT-free shopping for overseas visitors
  • Planned increases in the duties on beer, for cider, for wine, and for spirits cancelled

Infrastructure and investment zones

  • Government discussing setting up investment zones with 38 local areas in England
  • Tax cuts and liberalised planning rules to be offered to release land for housing and commercial use
  • Investment zones offered measures such as no business rates and stamp duty waived
  • New legislation to cut planning rules, get rid of EU regulations and environmental assessments in an effort to speed up building

What are your questions on the cost of living crisis? What would you like to know about the chancellor's mini-budget? Send your questions to [email protected].

You can also send your questions in the following ways:

If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at [email protected]. Please include your name, age and location with any submission.