Monday, September 26, 2022

UK’s Kwarteng to scrap top rate of income tax, cut basic rate from April By Reuters


© Reuters. FILE PHOTO: New British Chancellor of the Exchequer Kwasi Kwarteng steps outside Number 10 Downing Street, in London, Britain September 6, 2022. REUTERS/Toby Melville/File Photo

LONDON (Reuters) – Britain’s new finance minister Kwasi Kwarteng said on Friday he would scrap the country’s top rate of income tax and cut the basic rate next April – a year earlier than expected – to spur economic growth.

Kwarteng said from April 2023 Britain would have a single higher rate of income tax of 40 per cent, scrapping an additional rate of 45% on income over 150,000 pounds ($168,000).

He also said he would cut the basic rate of income tax to 19 pence in April 2023, one year earlier than expected.

“That means a tax cut for over 31 million people in just a few months’ time,” he told parliament. “That means we will have one of the most competitive and pro-growth income tax systems in the world.”

($1 = 0.8925 pounds)

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