SPECULATION this morning has identified 2013 as the most likely time for the 50% tax rate to be “lowered”.
According to the Daily Telegraph the chancellor has pencilled in the Budget two years from now for cutting the tax.
The tax, introduced under Alastair Darling in the Budget 2009, is under review because it is believed to raise very little in tax revenues.
Last April, when it came into force, the Institute of Directors said they believed it would raise little tax in the short term and would lead to lower overall tax revenues in the longer term.
The tax is payable on income over £150,000 and prompted speculation that it would lead many high earners to leave the country.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy