Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Chancellor scraps 45p top rate of income tax

by September 23, 2022
September 23, 2022
Chancellor scraps 45p top rate of income tax

Kwasi Kwarteng has announced that he will scrap the top 45p rate of income tax and cut the basic rate of income tax by 1p next year as part of a “bold and unashamed” push for growth.

The chancellor announced £50 billion worth of tax cuts including scrapping the rise in national insurance, freezing corporation tax and cutting stamp duty.

The decision to scrap the 45p rate of income tax, which affects 629,000 people who earn over £150,000, is potentially politically explosive.

Labour is likely to argue that it represents a tax cut for the rich at a time when people are struggling to cope with the cost of living.

Liz Truss and Kwarteng, however, believe it will help incentivise investment in the UK. He will also bring forward a 1p cut in the basic rate of income tax, which was due in April 2024, to next year, a measure that will cost about £5 billion.

Kwarteng also sought to bolster the property market by increasing the threshold at which people start paying stamp duty from £125,000 to £250,000. For first-time buyers the threshold will rise from £300,000 to £425,000.

Kwarteng had already confirmed the reversal of the 1.25 percentage point rise in national insurance payments, which will take effect from November 6. Ministers said it meant 28 million people would be £330 better off next year. The increase had been designed to raise £13 billion a year to fund health and social care.

Read more:
Chancellor scraps 45p top rate of income tax

0
FacebookTwitterGoogle +Pinterest
previous post
Business reaction of mini-budget slams ‘irresponsible’ Kwarteng
next post
Mini-budget 2022 highlights: a summary of the key points

You may also like

Burger King will close up to 400 stores...

May 5, 2023

Middle-class families face Jeremy Hunt’s £40,000 stealth tax...

December 27, 2022

Is Monetary Policy the Force Behind Shifting Exchange...

January 29, 2025

The Costs of Bitcoin Wallets: Are They Free?

July 17, 2023

Rishi Sunak should cut national insurance and make...

June 28, 2023

Evaluating the 3 Best Wallets for Crypto Assets

July 27, 2023

Mastercard bans cannabis shops stop accepting debit cards

July 27, 2023

How the Sounds and Lights of Slot Machines...

May 17, 2025

Labour Warned Over Living Wage Plans

June 18, 2024

Entrepreneur takes financial hit to protect customers from...

January 12, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Senators condemn fatal shooting of Israeli embassy employees as families mourn

      May 28, 2025
    • Israeli ambassador slams UN’s ‘mafia-like’ tactics against US-backed Gaza foundation

      May 28, 2025
    • Premade Conclusions, Post-Hoc Data: The Problem with the MAHA Report

      May 28, 2025
    • Explosive new intelligence report reveals Iran’s nuclear weapons program still active

      May 28, 2025
    • Trump nominates former defense attorney Emil Bove for federal appeals court vacancy

      May 28, 2025
    • Trump says he will meet with Putin, Zelenskyy ‘if necessary’ amid negotiations to end war

      May 28, 2025

    Categories

    • Business (8,082)
    • Investing (1,993)
    • Politics (15,405)
    • Stocks (3,113)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved