Jeremy Hunt has scrapped nearly all tax cuts announced in last month’s mini Budget, which include removing the 1p cut to base rate income tax

The Prime Minister Liz Truss has u-turned on corporation tax, with plans to go ahead with the increase to 25% from April 2023, after sacking Chancellor 

Jeremy Hunt has been named as Chancellor, replacing Kwasi Kwarteng who has been sacked by the PM after five weeks in the job

Following a raft of criticism over the absence of independent costings at the mini Budget, the Office for Budget Responsibility (OBR) forecast will be published four weeks earlier than planned

Chancellor Kwasi Kwarteng is expected to bring forward his debt-cutting plan to later this month, which details how the government intends to pay for its multi-billion-pound tax cut package

The Chancellor Kwasi Kwarteng has confirmed that the government has U-turned on its plans to scrap the 45p rate of income tax

The Scottish government is reviewing the measures announced in the mini Budget last week and will report back on the implications for devolved taxes next month

The International Monetary Fund (IMF) and Moody’s have criticised the UK’s tax cutting plans, calling on the government to reconsider the measures

The Treasury has confirmed that the Chancellor will present a medium-term fiscal plan in November supported by costings

In the mini Budget, the Chancellor set out plans to reduce the basic rate of income tax to 19% and in a surprise move abolished the 45% tax rate

The government announced two changes to the company share option plan (CSOP) scheme including doubling the share limit

In line with the decision to abolish the 45% additional tax rate, the government has also cut the dividend tax rate for the highest earners by 6.85%