Britain’s biggest earners face higher taxes as Prime Minister Gordon Brown
and Chancellor Alistair Darling attempt to reduce a borrowing bill tipped to
reach close to £120bn next year.
The chancellor is expected to announce a new top rate of tax of 45% which
will apply to those earning more than £150,000, The Times reports.
The new rate – which probably will come into effect immediately after the
next general election – is expected to be among the deferred tax rises announced
today to show the
intends to rebalance the books.
The higher rate is said to affect almost 300,000 income earners and raise
about £1.2bn. Borrowing is forecast to rise to record levels next year after
Darling today in his pre-budget report cuts 15%, lowers income tax by £120 for
those on the basic rate and postpones planned rises in vehicle duty and
Report argues that the government must change the way it makes tax and budget decisions
Drastically fewer offices for HMRC in the hope to reduce their running costs
Tayabali Tomlin and d&t directors launch £20 a month TaxGo service, aiming to be the 'biggest UK firm' by client numbers
Companies must report on their complex financial structures including offshore accounts and notify HMRC