ARTICLE · 19 OCTOBER 2022

UK Growth Plan Tax Reversals

Ropes & Gray

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The new UK Chancellor of the Exchequer, Jeremy Hunt, has announced a reversal of almost all of the tax measures laid out in his predecessor's mini-budget three weeks ago...

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The new UK Chancellor of the Exchequer, Jeremy Hunt, has announced a reversal of almost all of the tax measures laid out in his predecessor's mini-budget three weeks ago (details of which can be found here).

This 'U-turn' is aimed at bringing an end to three weeks of turmoil, which culminated with the dismissal of Kwasi Kwarteng as Chancellor after his unfunded tax cuts were blamed for spooking the markets and driving up the cost of borrowing. These policy reversals are therefore principally designed to reassure the markets and restore confidence in the UK government's commitment to fiscal discipline.

Today's announcement follows recent decisions to increase corporation tax to 25% in April 2023 (rather than maintaining it at its current rate of 19%) and to retain the 45% rate of income tax for those earning in excess of £150,000 per year.

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