Finance Minister Nirmala Sitharaman maintained the tax slab rates unchanged for both new and old income tax regimes, with no alterations in the Interim Budget 2024.
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the treasury says an average earner will save around £a50 a year — but critics warn other tax changes mean employees won't be any better off. here's our business correspondent, marc ashdown. 27 million workers may be about to see a little bump in their pay packet. it's down to changes to national insurance. the money automatically deducted from your salary to help fund the state pension. from today, contributions in the basic tax band are being cut from 12% to 10%. the chancellor says everyone will take home a bit more cash. we've already started cutting taxes and that's what's happening today. a 2% cut in national insurance, that's nearly £1,000 for a typical family with two earners. and that is a very significant change because it was right to put up taxes to pay back the debt from the help we gave families during covid and during the cost of living crisis. but now we've turned a corner, brought down inflation.
will save around £450 a year, but critics warn other tax changes mean employees won't be any better off. here's our business correspondent marc ashdown. 27 million workers may be about to see a little bump in their pay packet. a changes to national insurance, the money automatically deduct from your salary to help fund the state pension. from today, contributions in the basic tax band are being cut from 12% to 10%. the chancellor says everyone will take home a bit more cash. we chancellor says everyone will take home a bit more cash.— home a bit more cash. we have already started _ home a bit more cash. we have already started cutting - home a bit more cash. we have already started cutting taxes i home a bit more cash. we have. already started cutting taxes and that's what's happening today. a 2% cut in national insurance, that is nearly £1000 for a typical family with two earners. and that is a very significant change, because it was right to put up taxes to pay back the debt from the help we gave families during covid and during the cost—of—living crisis, but now we have turned a corner, brought down
national insurance from today. the treasury says an average earner will save around £450 a year — but critics warn other tax changes mean employees won't be any better off. the uk chancellorjeremy hunt told the bbc this is an important step in bringing down the tax burden on ordinary families. we gave a lot of help to families during the pandemic and in the cost of living crisis, and just like america, germany, france, many other countries, taxes have gone up to pay for that. we are making a start in bringing them down today, we can't get all the way back to pre—pandemic levels of tax in one fell swoop, but we do want to bring taxes down, and that is a fundamental choice the country will be making this year, a general election year. with more on this, our correspondent, anisa kadri. how will this affect wages? the 1096 how will this affect wages? the 10% rate