THE TOP RATE OF INCOME TAX should never have been cut, according to WPP chief executive Sir Martin Sorrell.
The move, which saw the 50p rate dropped to 45p, has frustrated Sir Martin, who argued that the cut should have been spread across the course of parliament, rather than made all at once.
He raised concerns, too, over the confidence of the business world in the coalition government, claiming there is a “big lack of dynamism” in economic policy.
“If you want to improve entrepreneurial activity, reduce the rate of capital gains tax,” said Sir Martin, cited in the Guardian. “Don’t mess about with income tax.”
George Osborne’s budget in April was the subject of intense criticism, with levies on hot food – such as pasties – and caravans particularly controversial. Those decisions, among others, were eventually rescinded.
An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans
The mornings after the night that was the British Accountancy Awards; and Andrew Tyrie's latest thoughts on Making Tax Digital timing
Making Tax Digital responses to the consultations expected in January 2017
Further corporation tax cuts and reliefs for cutting-edge tech businesses have been pledged by prime minister Theresa May, ahead of Wednesday’s Autumn Statement