NICK CLEGG is ready to support axeing the 50p top rate of income tax in this month’s Budget in return for taxes on the wealthy, possibly on their mansions or pensions.
The Deputy prime minister has told David Cameron that he is not ideologically wedded to the 50p tax rate on earnings over £150,000 but that he could support its abolition only if it was offset by measures to extract even greater revenues from the wealthy, the Financial Times reported.
The big stumbling block to the abolition of the 50p rate could be David Cameron, who has signalled his instinctive opposition to new taxes on the wealthy, while many Conservative MPs also oppose any new taxes on principle, the FT reported.
Following recent issues with HMRC’s personal tax computation software, Brian Palmer of the AAT questions whether the government’s implementation timeframe for Making Tax Digital is realistic
The first phase of a process to restrict the amount of tax relief for residential landlords to the basic rate of tax will enter into force on April 6
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform