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Huge National Insurance tax cut from today set to save millions of people £330

today6 July 2022 2

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30 million people across the UK are set to benefit from the biggest personal tax in a decade from today – with some workers expected to save up to £330 per year. The £6 billion tax cut will see the level at which people start paying National Insurance rise to £12,570 – lifting 2.2 million people out of paying any personal tax.

The threshold change means that 70% of UK workers will pay less National Insurance. Prime Minister Boris Johnson said that no matter a person’s job, “this tax cut is likely to make you and your family better off.”

The Prime Minister said: “We know it’s tough for many families across the UK, but we want you to know that this government is on your side. Today’s tax cut means around 70 percent of British workers will pay less National Insurance – even after accounting for the Health and Social Care Levy that is funding the biggest catch up programme in NHS history and putting an end spiralling social care costs.

“So whether you are a receptionist, work in hospitality or are a delivery driver, this tax cut is likely to make you and your family better off.”

Rishi Sunak, who last night resigned as Chancellor of the Exchequer, had said: “I know rising prices are putting pressure on hard-working families across the UK – which is why we’ve stepped in to help to ease the burden with a £37 billion package of support this year, including at least £1,200 going directly to the 8 million most vulnerable families.

“Today marks the next stage in that package, with the biggest personal tax cut in over a decade coming in to help millions of workers across the UK keep up to £330 more each year.

The increase to the National Insurance thresholds will leave around 76% of National Insurance payers in the North East better, 75% in the North West and Merseyside, and 62% in London.

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Written by: thehitnetwork

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