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Budget 2011: Osborne says 50% income tax rate is temporary

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.


TrigoldCrystal plans for life after collapsed Mortgage Brain merger

TrigoldCrystal is planning several upgrades and a new trading platform launch following the collapse of its merger with rival Mortgage Brain. The software firm today revealed earnings before interest, taxes, depreciation and amortisation of £1.2m in 2010, compared to £0.9m in 2009. It has yet to publish its full 2010 results but says it cleared […]

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 […]

Hoban calls for sense on Solvency II

Treasury financial secretary Mark Hoban says Solvency II negotiations have “a long way to go” as the Government attempts to iron out issues ahead of the December 2012 deadline. In a speech to the Association of British Insurers last week, Hoban said any changes to the rules should be “proportionate” and avoid placing “undue burdens” […]

Era of flexibility

Flexible and capped drawdown usher in a new business era for advisers


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