New chancellor Hunt to reverse almost all Kwarteng tax measures

Hunt, appointed chancellor of the exchequer on Friday (14 October) following Kwarteng's sacking, will be reversing nearly all the tax measures introduced in the government's Mini Budget on 23 September that have not been legislated for in parliament.  The basic rate of income tax will remain at 20% indefinitely, reversing Kwarteng's plan to cut the basic rate of income tax to 19% from April 2023 and saving public finances up to £6bn a year. The 1.25 percentage points increase to the dividend tax, valued at £1bn a year, which took effect in April 2022, will now remain in place. The ...