The government has U-turned on its plans to scrap the 45p rate of income tax for higher earners.
The plan to scrap the 45p rate, paid by people earning more than £150,000 a year, was announced as part of a package of tax cuts. Chancellor Kwasi Kwarteng said the proposals had become a “massive distraction on what was a strong package”
“We just talked to people, we listened to people, I get it,” he added.
Blick Rothenberg tax partner Robert Pullen said: “I wouldn’t be surprised if Liz Truss and Kwasi Kwarteng now looked at other tax cutting measures for the Autumn Budget on 23 November, but they will need to tread very carefully given the recent social and political backlash and will need a fully costed plan to substantiate any changes.”
Latest News
Is 2025 the year of the remortgage?
An estimated 1.8 million fixed rate mortgage deals are due to expire in 2025, 400,000 more than in 2024. This surge in remortgaging presents a critical opportunity for mortgage brokers to offer essential advice and financial support to homeowners across the UK, ensuring they transition smoothly to new deals amid stabilising interest rates and heightened affordability checks.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories