In his first Mini Budget speech, chancellor Kwasi Kwarteng unveiled a package of tax cuts, including a cut of the basic rate of income tax from 20% to 19% from April 2023, a year earlier than planned, and scrapping the 45% top rate. Here Julia Bahr gauges industry reaction...
Kwarteng, who was appointed chancellor when Liz Truss took on the mantle of prime minister on 7 September, said cutting tax was crucial to boosting economic growth. Changes to the basic rate of income tax, equating to a reduction in taxation of £5bn a year, would allow workers, savers and pensioners to keep more of their income - with an average gain of £170 in 2023/2024, according to the government. And from April 2023, there will be a single higher rate of income tax of 40%, rather than an additional 45% on annual income above £150,000. Professional Adviser asked advisers and ind...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
