50p tax rate 'pointless': Osborne
Chancellor says 50p tax rate "economically inefficient" and likely to drive wealth abroad
THE TOP TAX bracket is ‘pointless’ and adds little to Treasury coffers, chancellor of the exchequer George Osborne (pictured) has claimed.
Currently set at 50p, Osborne warned that the tax on top earners is “uncompetitive”, and “not a lasting rate”, The Independent reported.
He argued that heavy taxes will drive business leaders and wealth creators abroad, saying: “There is not much point in having taxes that are very economically inefficient.”
The tariff was put in place a year ago and Osborne asked: “what is it raising?” He added: “People frankly can move.”
HM Revenue & Customs is currently reviewing the tax bracket to see how much it raises, though analysts have already predicted it will not be a big earner. The results are due next January.