Workers in the north-east of Scotland are set to receive a boost in their paycheck this month, says money savings expert Martin Lewis.
The financial guru broke the good news to his millions of viewers on his ITV Martin Lewis Money Show Live on Tuesday night, writes YorkshireLive.
Take-home pay is going to go up by at least £30 and possibly as much as £780 depending on how much you earn.
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Martin Lewis took viewers through several quick-fire money tips and news items, including the National Insurance rates cut from this month.
He said: “Expect more in your take-home pay this month. Most National Insurance rates dropped to 12% (1.25% points).”
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Martin then set out how much that change would save the average viewer.
Someone earning £12,570 per year – £0 gain per year
£15,000 – £30
£20,000 – £93
£40,000 – £343
£75,000 – £780
The reason for the cut is because Rishi Sunak’s National Insurance increase, implemented earlier in the year, has been cancelled from November in a policy u-turn overseen by now-ex chancellor Kwasi Kwarteng and former PM Liz Truss.
And even though Rishi Sunak, who implemented the policy as chancellor, is now Prime Minister, the National Insurance tax rise cancellation is still planned to go ahead.
The National Insurance tax cut – rather, the reversal of the recent rise – takes effect from November 6.
It means the first sign of the money will show up in your November pay packet.
The government’s website says about the change: “The tax cut was announced by the government on September 22, as part of the reversal of the Health and Social Care Levy.
“Working people across the UK will begin receiving the tax cut in their payslips this month, with all expected to have started receiving it by February.
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