United Kingdom Parliament Announces Royal Assent for Finance (No. 2) Act 2026

The United Kingdom Parliament March 19 announced royal assent for Finance (No. 2) Act 2026. The law includes measures: 1) setting the main, default, and saving rates of income tax for the basic, higher, and additional rates at 20 percent, 40 percent, and 45 percent, respectively, for tax year 2026-2027; 2) setting the savings and property rates of income tax for the basic, higher, and additional rates at 22 percent, 42 percent, and 47 percent, respectively, for tax year 2027-2028; 3) exempting savings income up to 5,000 British pounds (US$6,660) for tax years 2026-2027 to 2030-2031; 4) setting the corporate ...