Chancellor scraps plans to remove 45% income tax rate for high earners

'Has become a distraction from our overriding mission'

Valeria Martinez
clock • 2 min read
Credit: HM Treasury

Credit: HM Treasury

Chancellor Kwasi Kwarteng is reversing the proposed scrapping of the 45% rate of income tax for high earners, ten days after it was first unveiled in the Mini Budget.

"It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle challenges facing our economy. As a result, I am announcing that we are not procee...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now


Already a Professional Pensions member?


More on Regulation

Where to next? Looking to the future after ten years of auto-enrolment

Where to next? Looking to the future after ten years of auto-enrolment

Tomorrow marks one decade since the introduction of streamlined saving

Hope William-Smith
clock 30 September 2022 • 5 min read
Morley: "We can now start to actively take steps to bring down the levy without risking current and future members’ benefits"

PPF to cut levy to £200m and consults on simpler rules

Levy cut comes as lifeboat funds redefines funding objective as ‘maintaining resilience’

Jonathan Stapleton
clock 29 September 2022 • 3 min read
Overall, TPR's use of its powers remained “broadly steady” since the previous bulletin

TPR reveals compliance and enforcement figures

Use of regulatory powers remained steady in most areas with some notable exceptions

Jonathan Stapleton
clock 26 September 2022 • 6 min read