Not cutting the basic rate of income tax to 19 per cent and dividends tax by 1.25 percentage points from April 2023, and not proceeding with a new value added tax (VAT)-free shopping scheme for non-UK visitors to Great Britain are among the measures from the Medium-Term Fiscal Plan introduced by British chancellor of the exchequer Jeremy Hunt yesterday.
The measures are aimed at supporting fiscal sustainability, ensuring the country’s economic stability and offering confidence in the government’s commitment to fiscal discipline.
Not cutting the basic rate of income tax to 19 per cent and dividends tax by 1.25 percentage points from April 2023, and not proceeding with a new value added tax (VAT)-free shopping scheme for non-UK visitors to Great Britain are among the measures from the Medium-Term Fiscal Plan introduced by British chancellor of the exchequer Jeremy Hunt yesterday.
The changes are estimated to be worth around £32 billion a year, Hunt said in a statement.
The basic income tax rate will remain at 20 per cent until economic conditions allow for it to be cut. The 1.25…
