Income Tax

New Chancellor Jeremy Hunt has reversed a host of tax reforms and scaled back energy help previously announced in September's mini-budget in an effort to reassure markets and ease financial turmoil that has triggered a spike in mortgage rates. Here's what the shake-up means for you.

The 45% top rate of income tax will NOT be scrapped from April 2023, Chancellor Kwasi Kwarteng has announced today. The change means those earning above £150,000 will continue to pay a higher marginal rate of tax, as they do now.

Chancellor Kwasi Kwarteng has announced big tax cuts for individuals and businesses, including a major shake-up to income tax and a permanent stamp duty cut. The changes come as part of today's mini-budget – we round up the new measures and what they mean for you below.

Some 1.3 million people are expected to start paying income tax and a million more will become higher-rate taxpayers by 2026 after Chancellor Rishi Sunak announced income tax thresholds are to be frozen after a rise this April. The Government's also freezing the pensions lifetime allowance and the thresholds for capital gains tax and inheritance tax.

If you're one of the millions of taxpayers still to file their online self-assessment tax return, you've two weeks until the deadline. Act NOW to avoid a £100 fine – especially if you're filing for the first time, as it could take up to 10 working days to receive an activation code.

Most people will pay less income tax from next April after the personal allowance and higher rate tax thresholds were both increased in the Budget – but higher earners will see part of the gain cancelled out by stealth rises to national insurance. 

Income tax cuts will be brought in a year earlier than planned and an extra £1 billion spent to help protect those moving onto universal credit, as part of the 2018 Budget unveiled by the Chancellor Philip Hammond.

Nearly 750,000 people missed the 31 January self-assessment tax deadline – if you're one of them, here's what you need to know.

Millions of taxpayers have until 31 January to file their online self-assessment tax return. Act NOW to avoid a £100 fine for missing the deadline – especially if you're filing online for the first time or don't know your login details.

The Scottish Government has announced changes to income tax bands which could see some middle earners pay more tax from next April.