Matthew Radcliffe (Charles Russell Speechlys) explains why the not so ‘mini-Budget’ will draw close attention from private clients and intermediaries around the world.
Income tax
Perhaps the most eye-catching tax cut announced by the chancellor from a private client standpoint was the change to the additional rate of income tax currently 45% on income over £150 000. This will be scrapped completely from April 2023 leaving a single higher rate of income tax of 40% affecting around 660 000 individuals. To put that in context France Japan and Germany all have top rates of 45% whilst Italy has 43% and out of all G7 countries only the US and Canada will have lower top rates then the UK.
Additional rate payers will further benefit from the abolition of the additional rate of dividend tax. The 38.1% rate will be removed to align with the...
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Matthew Radcliffe (Charles Russell Speechlys) explains why the not so ‘mini-Budget’ will draw close attention from private clients and intermediaries around the world.
Income tax
Perhaps the most eye-catching tax cut announced by the chancellor from a private client standpoint was the change to the additional rate of income tax currently 45% on income over £150 000. This will be scrapped completely from April 2023 leaving a single higher rate of income tax of 40% affecting around 660 000 individuals. To put that in context France Japan and Germany all have top rates of 45% whilst Italy has 43% and out of all G7 countries only the US and Canada will have lower top rates then the UK.
Additional rate payers will further benefit from the abolition of the additional rate of dividend tax. The 38.1% rate will be removed to align with the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
