View more on these topics

Osborne aims to scrap 50p tax rate in 2013

Chancellor George Osborne is planning to scrap the 50p top rate tax in the 2013 Budget after growing evidence that people were going to great lengths to avoid it and were subsequently undermining the Treasury’s revenues, according to the FT.

The Office for Budget Responsibility said there was evidence that companies paying bonuses before the rate came in as well as business owners paying themselves large dividends had led it to assume that £2bn of additional income it had been collected in the 2009/10 tax year, prior to the introduction of the rate. It said those revenues would not be available this year.

Osborne has never highlighted any timetable for the tax but has said that it would be temporary.

Recommended

1

No let-up for with-profits

The regulator has pledged to continue its crackdown on with-profits and will publish final rules for providers later this year. In its business plan for 2011/12, published this week, the FSA says: “We will follow up on proposals to strengthen the effectiveness of the with-profits.” In February, the regulator put out a consultation paper on […]

Budget 2011: The private sector gamble

Yesterday’s Budget re-confirms that the Government is banking on private sector growth to more than compensate for public sector cuts and pull us all out of trouble. It’s a massive gamble. If it works the annual spending deficit could be culled by 2015/16, but if it fails…well, let’s not go there.   The extra £1,000 […]

Will the government listen to its new pensions minister?

By David Piltz

The Conservatives, having won the general election, have apparently decided they have no one within their ranks of MPs with sufficient pensions knowledge to become pensions minister. Steve Webb was always going to be a hard act to follow. Instead they have turned to Dr Ros Altmann, a well-known figure in the pensions industry, and whose own website says she is “a pensions and economics policy expert”. Dr Altmann has just said that her priorities as pensions minister will be “to strengthen British pensions, improve later-life incomes and protect the pensioners of today and tomorrow”.

Newsletter

News and expert analysis straight to your inbox

Sign up

Leave a comment