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

The Chancellor, Kwasi Kwarteng, has today announced that the Government will not go ahead with plans to abolish the 45p rate of income tax after facing rising pressure since announcing the cut as part of his recent Mini Budget package.

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Just a reminder that any 2021/22 self assessment tax liabilities that are still outstanding should be paid to HMRC by this Thursday, 2 March to avoid late payment penalties equal to 5% of the outstand

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