THE GOVERNMENT HAS refuted suggestions that it is looking to cut the top rate of tax to 45p.
Reports in the Daily Mail suggested that the Treasury is working on a tax cut to be implemented in March 2012. A “government source” was quoted as saying: “Seventy per cent of the gains come at 45p. You don’t get much more for 50p. That will let us make the case for lower taxes.
“The decision is not about whether to do it, it’s about when to do it. One option is 2012, depending on the state of the economy, or 2013 at the latest.,” the source added.
However, Downing Street and the Treasury refuted the claims. A Treasury spokesman said: “Our position on 50p is clear, we have no plans or timetable to change it.”
Ministers will wait until HM Revenue & Customs has completed its analysis of personal tax returns to see whether the 50p tax rate is working. This is expected in the next four months.
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