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The Latest Breaking News from Income Tax

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.

Bangkok Post

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

Manchester Evening News

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.

Reuters

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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.

The National (Scotland)

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.

Daily Record

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

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

Evening Standard

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

The Guardian - UK

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

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

Wales Online

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.

Reuters

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

The Guardian - UK

Grant Shapps joins Tory revolt over PM scrapping top rate of income tax

Fellow former cabinet minister Michael Gove had earlier threatened to vote against the Government's mini-budget

Wales Online

Readers say Liz Truss 'threw her Cabinet under the bus' in BBC interview

The Prime Minister was speaking about the decision to scrap the top rate of income tax

Nottingham Post

Liz Truss blames Chancellor Kwasi Kwarteng for decision to slash income tax for rich

The plans to abolish the 45 per cent tax rate on incomes above £150,000 a year in England, Wales and Northern Ireland has caused anger.

Daily Record

Truss ‘throws Kwasi Kwarteng under a bus’ over tax cut for richest

The Prime Minister provoked a fresh row at the start of the Tory conference by saying the income tax cut was a ‘decision the Chancellor made’.

The Independent UK

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Nottingham Post

Liz Truss admits she could have 'laid the ground' better on tax cuts

She confirmed the decision to scrap the top rate of income tax for the nation’s highest earners was made by Kwasi Kwarteng rather than being agreed by the wider Cabinet.

The Independent UK

Liz Truss refuses to commit to benefits hike but stands by tax cut for rich

Former cabinet minister Michael Gove says U-turn needed on PM’s Budget ‘mistakes’

Daily Mirror

More than half of voters say Liz Truss's economic plans will wreck the country

The exclusive Deltapoll survey for the Mirror shows just 27% support scrapping the cap on bankers’ bonuses and only 17% back abolishing the top rate on income tax.

Los Angeles Times

George Skelton: Newsom breaks from fellow Democrats and aligns with the enemy on Lyft-backed Prop. 30

SACRAMENTO, Calif. — This is very rare: a California governor on the opposite side of his state party on a major public policy issue.

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The Hindu

Pharma manufacturers’ body moves Karnataka HC against treating free samples of medicines given to doctors as ‘freebies’ under Income Tax Act

Ministry of Finance had said that drug manufacturers will have to deduct 10% tax for the value of free samples of medicines

The Guardian - UK

Top UK earners: share your views on scrapping the 45p income tax rate

We’d like to hear from people in the UK who earn more than £150,000 about their views on the chancellor’s announcement

Irish Mirror

Budget 2023 tax calculator: Find out exactly what tax and USC updates mean for you

Income tax and USC changes mean most people's payslips will look a little different

ABC News

Shakira is the latest celebrity to face a tax evasion trial in Spain. Here's how we got to this point

Shakira will have her day in court after being ordered to stand trial on charges she failed to pay millions of dollars in income taxes.

The Independent UK

Reeves: I’ll reverse abolition of 45% income tax rate to fund NHS staffing surge

The shadow chancellor said a Labour administration would also implement the “biggest expansion of medical school places in British history”.

Evening Standard

Latest poll puts Labour 12 points in the lead as Starmer pledges to drop tax cut for top earners

The Labour Party are surging ahead in the polls after Sir Keir Starmer pledged to reverse the Government’s “wrongheaded” income tax cut for people earning more than £150,000.

The Independent UK

Starmer resisting pressure from inside own party over reversal of tax cuts

Labour leader dramatically vows to restore 45p income tax for richest - but backs Tory cut to basic rate

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