News
Treasury’s new 50% tax rate unfair
23 June, 2009
Recent reports have labelled the Treasury’s new 50% tax rate as “unfair, complex, inefficient and damaging”.
According to telegraph.co.uk the Centre for Policy Studies has said that the 50% rate will raise an extra £2.4bn as estimated by the Treasury, which is nominal if compared to the £175bn required for government borrowing.
It is now anticipated that some of Britain’s wealthiest taxpayers may turn their backs on the country, the group reported.
Senior policy advisor at the Centre for Policy Studies, Corin Taylor, is reported as having said that the new rate was detrimental to entrepreneurs who were instrumental in helping to bring the UK out of the recession. He feels that the green shoots of recovery will wither and die if business leaders leave or choose not to come to this country because of the higher tax rate.