Almost two-thirds of the 2022-23 personal tax cut gains will go to the richest fifth of households

Tax savings 2022-23

Reversal of national insurance increase

Reducing the basic rate of income tax by 1%

Abolishing the 45% income tax rate

Reduction in dividend tax

Income

group

£0

3,000

6,000

9,000

The lowest income

households will save

£22.12 under the

the new tax cuts...

1

2

3

4

5

6

7

8

9

10

11

12

...while the richest

households will gain

an extra £9,187 a year

13

14

15

16

17

18

19

20

Reversal of national insurance increase

Reducing the basic rate of income tax by 1%

Abolishing the 45% income tax rate

Reduction in dividend tax

Income

group

£0

2,000

4,000

6,000

8,000

10,000

The lowest income households

will save £22.12 under the

the new tax cuts...

1

2

3

4

5

6

7

8

9

10

11

12

...while the richest

households will gain

an extra £9,187 a year

13

14

15

16

17

18

19

20