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The Latest Breaking News from Income Tax

£2 taken from households in ‘stealthy’ freezes for every £1 in tax cuts – IFS

By 2025–26, freezes will take away £2 for every £1 given to households through the headline personal tax cuts, the Institute for Fiscal Studies said.

The Independent UK

EXPLAINER: Tax cut trend reaches two-thirds of states

About two-thirds of U.S. states have adopted some sort of tax relief this year

The Independent UK

Truss cut the most popular taxes -- this wasn't an accident, but it may be a mistake

The recent U-turn on cutting the top rate of income tax has shown that even a government willing to “do unpopular things” to grow the UK economy is constrained by the need for public support.

The Conversation

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Revolting Tories face slapdown from whips over in-fighting at party conference

Downing Street refused to rule out retrospective action against senior Tories who revolted over possible benefit cuts and a 45p Income Tax rate cut for the rich

Daily Mirror

What do the government’s tax changes mean for me?

From income tax to national insurance, here’s how Liz Truss’s ever-changing economic policies could affect you

The Independent UK

The Standard View: Liz Truss is fighting to prove the 45p U-turn is a one-off

Liz Truss acknowledged today the need to win “hearts and minds” after market turmoil and backbench discontent forced her into a sharp U-turn over plans to scrap the 45p rate of income tax for top earners.

Evening Standard

Liz Truss battles to maintain Cabinet discipline after U-turn on U-turn

Chancellor Kwasi Kwarteng appeared to be reversing one U-turn as the PM suggested she could one day cut the top rate of income tax

Evening Standard

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Liz Truss admits she still wants to bring top rate of income tax down despite U-turn

The Prime Minister said she would ‘like to see the higher rate lower’ for the wealthiest

Evening Standard

UK interior minister accuses some Conservatives of "coup" over tax rate

Opposition by some senior British Conservative lawmakers to the decision to abolish the top rate of income tax amounted to a "coup", interior minister Suella Braverman said on Tuesday.

Reuters

Truss still wants to bring top rate of income tax down despite U-turn

The Prime Minister said she would ‘like to see the higher rate lower’ for the wealthiest.

The Independent UK

Liz Truss hints she could bring back tax cut for rich in future - despite Budget U-turn

The Prime Minister said she 'would like to see' the 45p top rate of Income Tax lower - and said only that she wasn't contemplating a future change 'now'

Daily Mirror

Pound bounces back after Government's U-turn on tax cuts for the rich

The pound is beginning to rise again after it slumped due to Government plans to scrap income tax cuts for the very richest in society that panicked markets last week

Daily Mirror

'Challenging income tax decisions ahead' for the Scottish Government

The Scottish Parliament Information Centre sets out possible responses at Scotland's next budget

Insider UK

Watch: Kwarteng shrugs off ‘little turbulence’ after U-turn over tax cut for rich

Kwasi Kwarteng has sought to shrug off the chaos that triggered his astonishing U-turn on income tax cuts for the highest earners as a “little turbulence” as he battled to regain authority. The Chancellor remarked it had been a “tough” day as he told Conservative members in his set-piece conference…

Evening Standard

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The Conversation

A basic income grant for South Africa: more money in poor people's pockets, but at a heavy cost

Analyses of the implications of extending income support measures in South Africa, including a basic income grant, have focused on one of three things: how much it will cost, calculations about how much revenue would need to be raised (but without assessing the ripple effects), and how it might affect…

Benzinga

UK Backpedals On Income Tax Cut For Top Earners After Rattling Markets

The iShares MSCI United Kingdom ETF (NYSE: EWU) and the SPDR S&P 500 ETF Trust (NYSE: SPY) both traded higher by more than 2% each on Monday after the U.K.

Evening Standard

Kwasi Kwarteng shrugs off ‘little turbulence’ after U-turn over tax cut for rich

The Chancellor admitted it had been a ‘tough’ day after scrapping the abolition of the top income tax rate

Evening Standard

David Bond: Chancellor Kwasi Kwarteng in bombshell 45p tax cut U-turn

Kwasi Kwarteng was forced into a screeching U-turn on Monday on his plan to ditch the 45p top rate of income tax.With the ink hardly dry on his mini-budget 10 days ago, the Chancellor bowed to a revolt of Tory MPs opposed to him abolishing the tax rate for people…

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Birmingham Post

Kwasi Kwarteng accepts growth plan caused 'a little turbulence' as government U-turns over income tax cuts

Embattled Chancellor says 'it has been tough but we need to focus on the job in hand'

The Times of India

Central investigative agencies being used to weaken Congress: Telangana Cong chief A Revanth Reddy

HYDERABAD: Telangana Congress president A Revanth Reddy has charged Prime Minister Narendra Modi-led BJP government of misusing the enforcement directorate, income tax and Central Bureau of investigation to weaken the Congress in Telangana and also create hurdles for the Bharat Jodo yatra of Rahul Gandhi.

Chronicle Live

'The damage is already done' – Truss and Kwarteng branded 'incompetent' after 45p tax rate U-turn

One North East MP accused the government of having "lost all credibility" after dropping plans to cut the top rate of income tax for the highest earners

Birmingham Post

Only 1% of East Midlands workers would have benefited from Liz Truss' tax cut for the rich

Government u-turned on plans to abolish the 45% income tax rate for those earning £150,000-plus

Evening Standard

Kwasi Kwarteng forced into major U-turn on 45p tax cut

From a strictly fiscal perspective, the government’s decision to U-turn on the cut to the 45p top rate of income tax is essentially meaningless. What was a £45 billion tax-cutting budget that sunk the pound, set off gilts and required an emergency intervention by the Bank of England is now…

The Independent UK

Murphy warns against Tory ‘return to austerity’ after tax U-turn

Stormont’s Finance Minister welcomed the decision to abandon plans to abolish the top rate of income tax for the highest earners.

The Independent UK

Douglas Ross: U-turn on top rate of income tax ‘the right decision’

The Scottish Tory leader told party members that politicians ‘have to listen and respond and that is exactly what the Chancellor has done’.

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