How much will the 2p National Insurance cut save me?

Previous changes to tax rules mean the amount of tax people pay overall is rising. Millions of people will pay hundreds of pounds more in tax because of changes to the tax thresholds. Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year. Income tax is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits. The top rate will also rise from 47% to 48%. For most families, income tax is the single biggest tax they pay.

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