The UK Chancellor has announced what has been called the biggest tax-cutting event in 50 years amid the rising cost of living.
Kwasi Kwarteng unveiled the plans in the House of Commons on Friday morning, where details of cuts to taxes such as stamp duty were announced as the government tries to limit the impact of soaring energy bills on households.
The government said such changes will reduce peak inflation by 5%, increase its revenues, and prevent a massive increase in the national debt.
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Mr Kwarteng said the energy package announced within the mini-budget will cost £60 billion for the six months from October.
Here are some of the details announced today and what they mean for Northern Ireland.
Reversal of National Insurance rise
A recent rise in National Insurance - a tax people pay in their earnings throughout the UK - will be reversed from 6 November.
Ex-Chancellor Rishi Sunak increased National Insurance by 1.25p in the pound in April - saying the money would fund health and social care.
Liz Truss’s government says that funding will now come from general taxation.
Stamp Duty cut
Mr Kwarteng has announced a cut to the Stamp Duty tax in England and Northern Ireland.
The cut, which is effective from today, raises the threshold of how much a property has to cost before stamp duty is paid from £125,000 to £250,000.
First time buyers currently pay no stamp duty on the first £300,000, but that will be raised to £425,000.
The Chancellor said: "The steps we’ve taken today mean 200,000 more people will be taken out of paying stamp duty altogether. This is a permanent cut to stamp duty, effective from today."
Corporation Tax rise scrapped
The Government is scrapping a planned increase in the amount of tax companies pay on their profits.
Corporation Tax had been due to rise from 19% to 25% under plans drawn up by previous Prime Minister, Boris Johnson.
Those who support cutting corporation tax argue that it attracts companies to the UK and encourages investment, which means more money is eventually paid to the government through taxes.
Income Tax cut
The basic rate of Income Tax will be cut by 1p to 19p in April 2023, one year earlier than planned.
The Chancellor said this equals a tax cut for over 31 million people throughout the UK in just a few months' time.
The top rate of Income Tax has also been abolished, which is currently 45% and paid by those earning over £150,000. From April, this will be reduced to a single higher rate of 40%.
Price caps for household gas and electricity
Under the scheme, energy suppliers in Northern Ireland will reduce bills by up to 17p/kWh for electricity and 4.2p/kWh for gas.
When the cap was announced for the rest of the UK, the Government said it meant a typical household will pay no more than £2,500 a year on their energy bills for the next two years.
It is expected to save the typical household £1,000 a year based on current energy prices from October.
The scheme, called the Energy Price Guarantee, is due to take effect in Great Britain from October 1 and will effect energy bills for the next two years.
Northern Ireland households will have to wait until November, but the Government said they will see the same benefit overall by backdating support.
Energy bill relief for businesses
The energy bill relief scheme will reduce wholesale energy costs for all UK businesses, charities and the public sector, the Chancellor said.
This will provide a price guarantee equivalent to that of households.
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