Sajid Javid confirms tax cut for 31 million Brits will put £100 in Sun readers’ pockets
SAJID Javid has formally announced 31 million Brits will get a tax cut worth an average of more than £100 later this year.
The move will raise National Insurance Contributions (NICs) from £8,632 to £9,500 on April 6.
It will cut the annual tax bill for the average full-time worker by £104 and by £78 for the average self-employed worker.
The tax giveaway was central to Boris Johnson’s election manifesto.
The Chancellor had hoped to save the formal announcement of the tax cut for his first Budget on March 11.
But he has had to bring forward the announcement to ensure the tax cut can be delivered on time and for the relevant changes to be made to pension and benefit arrangements.
The PM has pledged to raise the threshold to £12,500 by the middle of the decade, handing an overall tax cut of £465 to 31 million workers.
The move, with the threshold raised in phases each year, is expected to cost the Treasury at least £11 billion.
The tax cut will be formally enshrined in law through what is known as a Statutory Instrument - secondary legislation that can become law without MPs having to pass a new Act.
Mr Javid told The Sun: "This government is not even 50 days old but we don’t want to wait to deliver on our promises.
"Tomorrow we’ll get Brexit done, and today we’re cracking on with the tax cuts we promised.
"That means more than £100 extra staying where it should be – in the pockets of Sun readers. We’ll always be on the side of hard working people.”
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