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BUDGET 2009 NEWS: Higher rate income tax to rise to 50 per cent

The Chancellor Alistair Darling has announced that higher rate tax payers will be taxed 50 per cent from 2010/11.

In November in the pre-Budget report, Darling announced he would be raising the higher rate income tax to 45 pence but today he announced those earning over £150,000 will be taxed 50 pence.

Syndaxi Financial Planning managing director Robert Reid says: “Anybody finding themselves in the higher rate band is going to have to seek professional advice. A lot of those people might not have had advisers before. This gives a large opportunity to well organised firms to take on new clients who are more than likely to be receptive to paying a fee for this service.”


Bonham Carter fears over gilt issuance

Jupiter chief executive Edward Bonham Carter believes the Government’s plans for a 220bn gilt issuance could see interest rates shoot up and borrow-ing become more expensive.

FSA changes compensation scheme limits

The FSA is changing the Financial Services Compensation Scheme limits for investment and home finance advice to £50,000 and for insurance to 90 per cent of the claim, with no upper limit.


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