HIGHER EARNERS may flee the country due to the UK’s high tax rate, according to research published by UHY International.
Britain is ranked seventh in a list of tax rates for people earning more than $200,000 (£122,000) in major economies across the world.
Take home pay was just 60.9% of income in the UK, while in USA it is 69.9%, Russia 87% and Dubai 100%.
Britain is also ranked seventh for its tax rate on people earning less than $25,000 a year, behind the USA, Spain and Ireland.
“Many governments are facing tough choices as they grapple with record deficits. Achieving a sustainable fiscal position will be difficult without raising taxes, which is a major political issue for many countries as they seek to strike a balance between fiscal responsibility and economic growth,” said UHY International chairman John Wolfgang (pictured).
UHY International, which includes UHY Hacker Young in the UK, studied tax data in 19 countries across its international network and is based on a single, unmarried taxpayer with no children.
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner