Mini Budget 22: Top rate tax cut signals 'ideological change'

Kwarteng, who was appointed chancellor when Liz Truss took on the mantle of prime minister on 7 September, said cutting tax was crucial to boosting economic growth. Changes to the basic rate of income tax, equating to a reduction in taxation of £5bn a year, would allow workers, savers and pensioners to keep more of their income - with an average gain of £170 in 2023/2024, according to the government. And from April 2023, there will be a single higher rate of income tax of 40%, rather than an additional 45% on annual income above £150,000. Professional Adviser asked advisers and ind...