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06 Apr 2010
The 50p top rate of tax comes into force from today.
Britain's best paid workers will have to give up 50p in the pound for any income over a threshold of £150,000.
The introduction of the new rate forms part of government moves to slash the UK's spending deficit, which stands at close to £170bn.
The banking industry suffered a double whammy with the payroll tax on bonuses, however the feared exodus of high-net worth individuals in the wake of these changes did not materialise.
A court ruling on a residency dispute involving tycoon Robert Gaines-Cooper which saw judges side with HMRevenue & Customs put doubts in the minds of those considering a move to another tax jurisdiction, advisers said.
The Treasury is now considering a statutory residence test, another development which may have also deterred rich individuals wanting to continue working in London from relocating overseas.
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