George Osborne seeks Revenue check on 50p tax rate

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5corpio started a blog post George Osborne seeks Revenue check on 50p tax rate
14 August 2011, 13:17

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George Osborne seeks Revenue check on 50p tax rate

George Osborne seeks Revenue check on 50p tax rate

Originally posted by 5corpio

Chancellor George Osborne has asked the Inland Revenue to check whether the 50p top rate of income tax is actually making money for the government.

Some economists have claimed that tax avoidance and evasion mean the rate is raising less income than expected. Speaking on BBC Radio 4's Today programme, Mr Osborne hinted that the 50p rate remained under review. He added: "There's not much point in having taxes that are very economically inefficient."

But the chancellor said the figures would not be known until at least the end of the tax year next April. 'Assess revenues' Mr Osborne said: "I've said with the 50p rate I don't see that as a lasting tax rate for Britain because it's very uncompetitive internationally, and people frankly can

Read more on this story: BBC News - George Osborne seeks Revenue check on 50p tax rate
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- #1
  
  5corpio commented
  
  16 August 2011, 12:41
  
  Editing a comment
  
  Clegg signals support for 50p tax rate to stay in place
  
  Deputy Prime Minister Nick Clegg has suggested the 50p top rate of income tax should stay despite growing Conservative hostility to the measure. Mr Clegg said the coalition's focus in tough financial times was on helping those on low and middle incomes not "a small minority at the very top".
  
  George Osborne has said the tax rate is "very uncompetitive" as top-earners can avoid paying it by moving abroad. The chancellor is to assess how much money the tax is generating. The review, to be conducted by the Inland Revenue, has been seen by some of a sign that the tax could be phased out by 2013. The 50p tax rate, levied on incomes of more than....Read more on this story HERE
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George Osborne seeks Revenue check on 50p tax rate

George Osborne seeks Revenue check on 50p tax rate