THE TOP RATE OF INCOME TAX should never have been cut, according to WPP chief executive Sir Martin Sorrell.
The move, which saw the 50p rate dropped to 45p, has frustrated Sir Martin, who argued that the cut should have been spread across the course of parliament, rather than made all at once.
He raised concerns, too, over the confidence of the business world in the coalition government, claiming there is a “big lack of dynamism” in economic policy.
“If you want to improve entrepreneurial activity, reduce the rate of capital gains tax,” said Sir Martin, cited in the Guardian. “Don’t mess about with income tax.”
George Osborne’s budget in April was the subject of intense criticism, with levies on hot food – such as pasties – and caravans particularly controversial. Those decisions, among others, were eventually rescinded.
A thorough government review into the efficiency of HMRC is badly needed, the president of the ATT has claimed
The authentication service citizens will need to access before entering their digital tax account is close to going live
HMRC is under fire for allegedly obtaining warrants unlawfully for the detainment of four former KPMG partners
Report by the work and pensions select committee fears taxpayers losing retirement savings because of ‘unstable master trusts’