As part of the Spring Statement 2022 announcement, the Chancellor, Rishi Sunak, announced that in 2024 when the rate of inflation is predicted to be back in control, the basic rate of income tax will be cut to 19%, which is expected to benefit over 30 million people.
This will be the first cut in 16 years to the basic rate of income tax.
Income tax drop brought forward to 2023
As part of the governments Growth Plan 2022, it has been announced that the drop of bathe income tax basic rate will be brought forward to April 2023.
PAYadvice.UK 24/3/2022 updated 24/9/2022