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The Latest Breaking News from Income Tax

SNP members call for income tax threshold to rise to match living wage

SNP members have backed a resolution to increase the tax threshold so that people earning below the living wage do not forfeit any of their income.

The National (Scotland)

Liz Truss' forced U-turn on income tax must be repeated with benefit payments

Record View says it still beggars belief the idea of cutting Universal Credit in real terms was seriously being considered.

Daily Record

Federal government appears set to maintain stage 3 tax cuts in this month's budget despite mounting speculation

The federal government is unlikely to change income tax cuts that will predominantly benefit high and middle-income earners in this month's budget.

ABC News

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Liz Truss facing Tory civil war as party in ‘a horrible mess’, reports state

The party has been divided after Ms Truss was forced into a humiliating U-turn over her plans to scrap the top earners’ 45p income tax rate

Evening Standard

Households on every income to be worse off in three years after mini-budget, study claims

The freezes will take away £2 for every £1 given to households through tax cuts, the study suggests

Wales Online

New York City's Wall Street worries

The city is heavily reliant on personal income tax revenues, which, in turn, hinge on Wall Street.

Axios

Households to lose £2 in 'stealth' tax raid for every £1 gained under Liz Truss's plans

The Institute for Fiscal Studies (IFS) found households will lose more over the next three years than they will gain from Tory cuts to personal taxes

Daily Mirror

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IFS: Millions in Britain ‘face stealth tax raid’ under Liz Truss’s plans

For every £1 given workers by cutting tax rates £2 was being taken via freeze on income tax thresholds, thinktank calculates

The Guardian - UK

£2 taken from households in ‘stealthy’ freezes for every £1 in tax cuts – IFS

By 2025–26, freezes will take away £2 for every £1 given to households through the headline personal tax cuts, the Institute for Fiscal Studies said.

The Independent UK

EXPLAINER: Tax cut trend reaches two-thirds of states

About two-thirds of U.S. states have adopted some sort of tax relief this year

The Independent UK

Truss cut the most popular taxes -- this wasn't an accident, but it may be a mistake

The recent U-turn on cutting the top rate of income tax has shown that even a government willing to “do unpopular things” to grow the UK economy is constrained by the need for public support.

The Conversation

Revolting Tories face slapdown from whips over in-fighting at party conference

Downing Street refused to rule out retrospective action against senior Tories who revolted over possible benefit cuts and a 45p Income Tax rate cut for the rich

Daily Mirror

What do the government’s tax changes mean for me?

From income tax to national insurance, here’s how Liz Truss’s ever-changing economic policies could affect you

The Independent UK

The Standard View: Liz Truss is fighting to prove the 45p U-turn is a one-off

Liz Truss acknowledged today the need to win “hearts and minds” after market turmoil and backbench discontent forced her into a sharp U-turn over plans to scrap the 45p rate of income tax for top earners.

Evening Standard

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Evening Standard

Liz Truss battles to maintain Cabinet discipline after U-turn on U-turn

Chancellor Kwasi Kwarteng appeared to be reversing one U-turn as the PM suggested she could one day cut the top rate of income tax

Evening Standard

Liz Truss admits she still wants to bring top rate of income tax down despite U-turn

The Prime Minister said she would ‘like to see the higher rate lower’ for the wealthiest

Reuters

UK interior minister accuses some Conservatives of "coup" over tax rate

Opposition by some senior British Conservative lawmakers to the decision to abolish the top rate of income tax amounted to a "coup", interior minister Suella Braverman said on Tuesday.

The Independent UK

Truss still wants to bring top rate of income tax down despite U-turn

The Prime Minister said she would ‘like to see the higher rate lower’ for the wealthiest.

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Daily Mirror

Liz Truss hints she could bring back tax cut for rich in future - despite Budget U-turn

The Prime Minister said she 'would like to see' the 45p top rate of Income Tax lower - and said only that she wasn't contemplating a future change 'now'

Daily Mirror

Pound bounces back after Government's U-turn on tax cuts for the rich

The pound is beginning to rise again after it slumped due to Government plans to scrap income tax cuts for the very richest in society that panicked markets last week

Insider UK

'Challenging income tax decisions ahead' for the Scottish Government

The Scottish Parliament Information Centre sets out possible responses at Scotland's next budget

Evening Standard

Watch: Kwarteng shrugs off ‘little turbulence’ after U-turn over tax cut for rich

Kwasi Kwarteng has sought to shrug off the chaos that triggered his astonishing U-turn on income tax cuts for the highest earners as a “little turbulence” as he battled to regain authority. The Chancellor remarked it had been a “tough” day as he told Conservative members in his set-piece conference…

The Conversation

A basic income grant for South Africa: more money in poor people's pockets, but at a heavy cost

Analyses of the implications of extending income support measures in South Africa, including a basic income grant, have focused on one of three things: how much it will cost, calculations about how much revenue would need to be raised (but without assessing the ripple effects), and how it might affect…

Benzinga

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.

Evening Standard

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

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