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The Latest Breaking News from Income Tax

Ask the Editor, November 14: 20% Qualified Business Income Deduction

In this week's Ask the Editor Q&A, Joy Taylor answers questions on the 20% tax deduction for qualified business income or QBI.

Kiplinger

Income tax – live: Markets spooked after Reeves U-turn on major Budget tax increase

Chancellor reported to have abandoned plans over fears they could anger both voters and backbench Labour MPs

The Independent UK

Chancellor abandons planned income tax hike because of improved forecasts

The PA news agency understands the strength of tax receipts has improved the numbers from the OBR, allowing for the U-turn.

The Independent UK

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Despairing economists warn Reeves’s income tax U-turn will make system ‘too complicated’ – and will wipe out buffer zone

The chancellor has ditched plans to increase income tax, leading to fears she will not be able to create the buffer zone needed to protect the UK from economic shocks next year

The Independent UK

Government borrowing costs rise in wake of income tax U-turn speculation

Reports that the Chancellor has scrapped her plans to raise income tax at the Budget has sparked a sell-off in UK Government bonds.

Evening Standard

Rachel Reeves plans £7.5bn tax rise in budget after U-turn on income tax rates

Chancellor expected to freeze level at which people start paying income tax for two years rather than putting rates up

The Guardian - UK

Rachel Reeves’ tax U-turn reports spark UK government bond sell-off

Experts said bond markets have baulked at the speculation as it leaves the Chancellor scrambling to fill a gaping black hole in the nation’s finances.

Evening Standard

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Treasury won’t cut threshold for higher rate income tax, say sources – UK politics live

Fallout continues over budget income tax U-turn, with Treasury saying expected fiscal gap has dropped to £20bn

The Guardian - UK

Reeves not ‘playing fast and loose with people’s money’ amid tax U-turn reports

Culture Secretary Lisa Nandy would not be drawn into speculation that Ms Reeves has abandoned plans for the manifesto-breaking tax hike.

Evening Standard

Pound falls and UK borrowing costs rise as Reeves ditches plans for income tax hike – as it happened

Jitters over the UK’s autumn budget grow as chancellor Rachel Reeves abandons plans to raise income tax on 26 November

The Guardian - UK

Reeves dumps plan to raise income tax in screeching Budget U-turn sending spooked markets into slide

Chancellor abandons plans to raise income tax over fears they could spark a huge backlash among voters and backbench Labour MPs

Evening Standard

Rachel Reeves to abandon plans to raise income tax rates in budget

Labour had laid the ground to break a manifesto pledge on taxes for working people but has now made a U-turn

The Guardian - UK

Stealth tax alert: Reeves Budget to make record 10m pay Income Tax higher rate if she freezes thresholds

A further two-year freeze on Income Tax thresholds would drag 790,000 more people into paying the 40% higher rate, according to the IFS

Evening Standard

Rachel Reeves to ditch plan to raise income tax in Budget

Chancellor set to abandon income tax hike plan amid fears move could anger voters

The Independent UK

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Kiplinger

Another State Bans Capital Gains Taxes: Will More Follow in 2026?

A constitutional amendment blocking future taxes on realized and unrealized capital could raise interesting questions for other states.

The Independent UK

Six big changes to expect from Reeves’ Budget and how they’ll impact your finances

Pensions, the cash ISA and more could all be set for notable alterations

Evening Standard

Reeves torpedoes Labour's manifesto in huge Budget tax gamble which could put Farage in No10

Commentary: The Chancellor has been so clear that she is going to torch the party’s manifesto tax promise that a U-turn now would stun Westminster

The Guardian - UK

The Guardian view on Labour’s fiscal stance: it’s time to lay new foundations

Editorial: No chancellor has raised income tax since 1975, but voters may accept it if everyone contributes, the richest most of all, and the money pays for fairer, better services

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The Conversation

Voters in Hamburg have rejected universal basic income. Many economists would agree with them

Universal basic income (UBI) has supporters across the political spectrum. The idea is that if every citizen received a payment from the state to cover their living costs, it this will allow them the freedom to live as they choose.

Kiplinger

Emergency Tax Bill Ends $6,000 Senior Deduction and Tip, Overtime Tax Breaks in D.C.

Here’s how state tax conformity rules could immediately raise your income tax liability.

The Guardian - UK

Reeves suggests two-child benefit cap will fully go, saying children in big families should not be ‘penalised’ – as it happened

Chancellor interviewed on Radio 5 Live and says it’s unfair to penalise children in bigger families

Evening Standard

Reeves to hammer London and South East with 2.8m facing Budget blow from 2p income tax rise

The Chancellor has been hit by a Labour revolt over breaking the party’s manifesto by raising income tax

Evening Standard

Shona Robison may ‘potentially revisit’ Scottish taxes in response to UK Budget

The Finance Secretary said the Scottish Government had a ‘very limited’ set of levers to respond.

The Independent UK

How could Rachel Reeves increase income tax in her Budget – and what would it mean for you?

Chancellor reportedly tells watchdog she intends to increase personal tax in one of several ‘major measures’ planned for Budget at end of month

The Guardian - UK

How might Reeves increase income tax – and what does it mean for you?

The budget could involve a range of rises – here’s how they would stack up for different levels of income

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