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Chancellor considers scrapping 50 per cent income tax rate

The 50 per cent income tax rate could be scrapped or reduced in next week’s Budget, according to reports.

The Guardian quotes Government sources saying Chancellor George Osborne “has been intellectually persuaded” of the case to scrap the rate.

The FT reports that the Chancellor is considering reducing the highest rate if income tax to 45 per cent after the Liberal Democrats dropped their demands for a mansion tax and instead proposed an alternative approach which leader Nick Clegg has billed as a “tycoon tax”.

The FT reports that the Chancellor is unlikely to be opt for a minimum rate of tax for the wealthiest people, as suggested by the Lib Dems at their spring conference, but could go for a collection of anti-tax avoidance measures branded as a “tycoon tax”.

However, the Telegraph reports that sources close to Osborne say claims that Clegg has accept a cut in the top rate in exchange for tax cuts for low earners and and tightening of tax rules are “wild speculation”.


BC Partners buys back majority stake in Foxtons

Private equity firm BC Partners has bought back a majority stake in Foxtons after ceding control of the estate agency in 2010. According to a report in the Telegraph, the deal completed for between £55m and £75m. BC originally purchased a controlling stake in Foxtons for £300m in 2007 but ceded control after creditors reorganised […]

McQuaker warning over gilt exposure

Henderson head of multi-manager Bill McQuaker says investors should be wary of holding too much exposure to gilts, as he does not expect the 2011 rally to continue. Gilts rallied last year as investors flocked to safe haven assets as the eurozone sovereign debt crisis deepened. McQuaker says: “Gilts performed well last year due to […]

Is Russia on the rebound?

A recent rally in the Russian stock-market has led some managers to claim that now is the time to start investing in Russia but is there still too much risk in the market? After the re-election of Vladimir Putin on March 3, the Russian stockmarket rallied but there have since been dips which could signal […]

Ian McKenna: Sound System – how CMS can service low cost clients

Advisers are becoming increasingly focused on how they will deliver propositions to clients after the RDR. Most firms will only have a limited number of wealthy clients whose adviser charges can cover the cost of face-to-face advice on a regular basis. One of the main challenges is how to provide services at a price the […]


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