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The Latest Breaking News from Income Tax

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.

Benzinga

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…

Evening Standard

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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'

Birmingham Post

'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

Chronicle Live

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

Birmingham Post

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…

Evening Standard

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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’.

The Independent UK

Chancellor again declines to say if benefits will rise in line with inflation

It comes as the Government U-turned on plans to cut the top rate of income tax for the highest earners.

The Independent UK

The political time bombs ticking for Truss and Kwarteng

Despite the screeching U-turn on income tax, the PM still needs to regain the confidence of her backbenchers

The Guardian - UK

What Tories' 45p income tax U-turn means for you - check our cash calculator

Chancellor Kwasi Kwarteng has scrapped plans to ditch the highest rate of income tax after just 10 days after national outcry, but is keeping basic rate tax cuts for lower earners

Daily Mirror

All the times Truss and Kwarteng said they wouldn't U-turn on tax cut as credibility shot

We've rounded up 16 times in just over a week that Liz Truss and Kwasi Kwarteng beat the drum for their 45p Income Tax rate cut for the rich

Daily Mirror

UK scraps tax cut for wealthy that sparked market turmoil

The British government has dropped plans to cut income tax for top earners

The Independent UK

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Manchester Evening News

“What an absolute s***show": Voters react to government after income tax U-turn

Chancellor Kwasi Kwarteng has confirmed that the cut in the 45p rate of income tax won't go ahead

Bangkok Post

UK govt makes humiliating tax cut U-turn

LONDON: The government of British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn, reversing plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets.

Manchester Evening News

Chancellor's 45p income tax rate cut SCRAPPED in major U-turn for government

Mr Kwarteng has confirmed the U-turn in a TV interview in the last few minutes

Reuters

UK's Truss forced into tax U-turn after market turmoil, party rebellion

British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn after less than a month in power, reversing a cut to the highest rate of income tax that helped spark turmoil in financial markets and a rebellion in her party.

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The National (Scotland)

Kwasi Kwarteng abandons plans to abolish 45p tax rate in major U-turn

CHANCELLOR Kwasi Kwarteng has announced he will abandon the plan to scrap the 45p rate of income tax for top earners in a dramatic U-turn.

Daily Record

Liz Truss scraps controversial 45p tax cut for rich in U-turn after Tory revolt

The humiliated Prime Minister dropped her plans to axe the 45p top Income Tax rate just a day after saying she was "absolutely committed" to it on national TV.

Evening Standard

UK Chancellor Kwasi Kwarteng in bombshell 45p tax cut U-turn

Kwasi Kwarteng also not ruling out U-turn on bankers bonuses

The Guardian - UK

Liz Truss abandons plan to scrap 45p top rate of income tax amid Tory revolt

Government makes U-turn over proposal to abolish top-rate tax cut after growing backlash over mini-budget

Wales Online

Government makes U-turn on mini-Budget income tax pledge

Chancellor Kwasi Kwarteng will no longer be scrapping the 45p rate of income tax

Reuters

UK to reverse cut to higher rate income tax - BBC

The British government is expected to reverse the proposed scrapping of the highest rate of income tax that has sparked a backlash in the governing Conservative Party, the BBC reported on Monday.

The Guardian - UK

Kwasi Kwarteng ‘to bring forward planned fiscal statement’ in another U-turn – as it happened

Guardian understands chancellor will make statement later this month, rather than in November as originally planned

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