Private client review for October 2022

Growth Plan and the Medium-Term Fiscal Plan 2022: a spectacular reverse ferret

In a staggering month in Westminster the (then) chancellor Kwasi Kwarteng published his ‘Growth Plan’ for 2022 on 23 September announcing the biggest package of tax cuts in decades. Following Mr Kwarteng’s dismissal and Jeremy Hunt’s subsequent appointment as chancellor (on 14 October) the ‘Growth Plan’ has now largely been reversed principally by Mr Hunt’s ‘Medium-Term Fiscal Plan’ announcements of 17 October. With so much back and forth in such a short space of time private clients (and their advisers!) would be forgiven for losing track of where we have ended up on tax rates and other policies.

• Income tax rates: Initially it was proposed to abolish the 45% additional rate of income tax from April 2023 but this...