Chancellor George Osborne says he regards the top rate of income tax of 50 per cent as a temporary measure.
In his Budget address today, Osborne says now would not be the right time to remove the 50 per cent tax rate, but says it is “sensible to see how much revenue it actually raises.”
The Chancellor has asked HM Revenue & Customs to review the revenues raised from the top rate of income tax on the basis of self-assessment forms returned to HMRC.
The 2009 Budget announced the top rate of income tax of 50 per cent, which was introduced from April 2010. The 50 per cent rate is payable on income over £150,000.