The survey has found top rate personal income tax rates around the world have
fallen by an average of 2.5 percentage points in the past six years, as
governments try to balance their need for revenue with the impact of increasing
global labor mobility.
However, a top rate of 45% on earnings of more than £150,000 would still be
below the top rate of key competitors such as Germany (45% on €250,000) and the
US, where top rate of up to 45% starts at $US357,700.
‘The Treasury clearly needs to find money from somewhere but the UK has to
remain competitive at a time when the workforce is becoming more mobile. Given
the recent changes to non-domiciled taxation this is a further potential
challenge to London’s position as a leading global financial centre,’ David
Kilshaw of KPMG in the UK, said.
Committee expresses concern about costs to businesses and April 2018 implementation date
Drastically fewer offices for HMRC in the hope to reduce their running costs
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance
Laurence Field, the head of tax at national audit, tax and advisory firm Crowe Clark Whitehill outlines the 6 'unexpected items' regarding HMRC's Making Tax Digital plans