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09/01/2012
50p Top Tax Rate To Go
The 50p tax rate on the rich is expected to go after comments from the Prime Minister that he was still committed to abolishing it.
David Cameron said the government is still committed to removing the 50p rate of tax, currently levied against the UK's highest earners.
The PM's commitment comes despite a forthcoming report from HM Revenue and Customs (HRMC) suggesting that it raised significant extra funds in its first year.
The report is expected to show a "surge" in revenues in its first year totalling hundreds of millions of pounds, according to a report by the Daily Telegraph, which said the government had decided to put off scrapping the tax until at least 2015.
The news comes only days after the Prime Minister's announcement he would curb excessive pay by giving a company's shareholders a voice in what it pays its Chief Executives.
However, that plan was rubbished by a number of sources, with Tax Research UK pointing out that more than 40% of the UK's top companies were owned by overseas shareholders, who had little motivation to limit pay.
"[Foreign shareholders are] not going to run to the defence of the UK economy."
The website added: "So much for ‘Cameron’s people power’ but candidly it’s so ludicrous an idea he really must think we’re stupid to believe that all these people will vote against high pay."
(DW)
David Cameron said the government is still committed to removing the 50p rate of tax, currently levied against the UK's highest earners.
The PM's commitment comes despite a forthcoming report from HM Revenue and Customs (HRMC) suggesting that it raised significant extra funds in its first year.
The report is expected to show a "surge" in revenues in its first year totalling hundreds of millions of pounds, according to a report by the Daily Telegraph, which said the government had decided to put off scrapping the tax until at least 2015.
The news comes only days after the Prime Minister's announcement he would curb excessive pay by giving a company's shareholders a voice in what it pays its Chief Executives.
However, that plan was rubbished by a number of sources, with Tax Research UK pointing out that more than 40% of the UK's top companies were owned by overseas shareholders, who had little motivation to limit pay.
"[Foreign shareholders are] not going to run to the defence of the UK economy."
The website added: "So much for ‘Cameron’s people power’ but candidly it’s so ludicrous an idea he really must think we’re stupid to believe that all these people will vote against high pay."
(DW)
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