50p tax rate for top earners in force
The 50p tax rate on taxable incomes above £150,000 has come into force, following the start of the new tax year.
The tax rate has sparked controversy among business leaders, many of whom claim it will drive high-income business owners out of the UK and damage business confidence. The Institute of Directors (IoD) has released a report claiming the new rate "exacerbates the UK’s increasing lack of tax competitiveness and is likely to be a further deterrent to new international capital coming to the UK and to aspiration within".
There is more on this story at:
http://press.iod.com/2010/04/06/50p-rate-will-be-bad-for-public-finances-says-iod/?utm_source=rss&utm_medium=rss&utm_campaign=50p-rate-will-be-bad-for-public-finances-says-iod
