THE TOP RATE of income tax should be lowered from 45% to 40%, according to mayor of London Boris Johnson.
Speaking at the Conservative Party conference, Johnson intimated he would like to go further than George Osborne’s decision to lower the top rate from 50p to 45p in the last Budget, a move that will come into force in April next year.
The current state of affairs, he said cited in the Telegraph, was “uncompetitive”, adding “that really needs to be addressed”.
He acknowledged, however, that his suggestion comes at “a difficult time”, accepting that “people won’t like to hear it”.
In spite of giving the prime minister his backing, Johnson openly disagreed with David Cameron, accepting that he may be unappreciative of his public call for a new tax rate in the face of criticism from Labour on the issue.
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