The government will bring forward the one percentage point cut to the basic rate of income tax to April 2023 12 months earlier than planned. This will apply to the basic rate of non-savings non-dividend income for taxpayers in England Wales and Northern Ireland; the savings basic rate which applies to savings income for taxpayers across the UK; and the default basic rate which applies to non-savings and non-dividend income of any taxpayer who is not subject to either the main rates or the Scottish rates of income tax.
A four-year transition period for gift aid relief will apply to maintain the income tax basic rate relief at 20% until April 2027. There will also be one-year transitional period for relief at source pension schemes to permit them to continue to claim tax relief at 20%.
The additional rate of income tax...
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