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Sunak Sets Out 'Tax Plan', Raises NIC Threshold

UK

Sunak: "Today, I am publishing a Tax Plan.....our new Tax Plan will build a stronger economy by reducing and reforming taxes over this Parliament, in three ways....There is now a dedicated funding source for the country’s top priority – the NHS and social care. Providing funding over the long-term, as demand grows...I’m going to increase it [NIC threshold] by the full £3,000. ...From this July, people will be able to earn £12,570 a year without paying a single penny of income tax or National Insurance. That’s a £6bn personal tax cut for 30 million people across the United Kingdom. A tax cut for employees worth over £330 a year...around 70% of all workers will have their taxes cut by more than the amount they’ll pay through the new Levy"

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