Menu
09/01/2012
50p Top Tax Rate To Go
The 50p tax rate on the rich is expected to go after comments from the Prime Minister that he was still committed to abolishing it.
David Cameron said the government is still committed to removing the 50p rate of tax, currently levied against the UK's highest earners.
The PM's commitment comes despite a forthcoming report from HM Revenue and Customs (HRMC) suggesting that it raised significant extra funds in its first year.
The report is expected to show a "surge" in revenues in its first year totalling hundreds of millions of pounds, according to a report by the Daily Telegraph, which said the government had decided to put off scrapping the tax until at least 2015.
The news comes only days after the Prime Minister's announcement he would curb excessive pay by giving a company's shareholders a voice in what it pays its Chief Executives.
However, that plan was rubbished by a number of sources, with Tax Research UK pointing out that more than 40% of the UK's top companies were owned by overseas shareholders, who had little motivation to limit pay.
"[Foreign shareholders are] not going to run to the defence of the UK economy."
The website added: "So much for ‘Cameron’s people power’ but candidly it’s so ludicrous an idea he really must think we’re stupid to believe that all these people will vote against high pay."
(DW)
David Cameron said the government is still committed to removing the 50p rate of tax, currently levied against the UK's highest earners.
The PM's commitment comes despite a forthcoming report from HM Revenue and Customs (HRMC) suggesting that it raised significant extra funds in its first year.
The report is expected to show a "surge" in revenues in its first year totalling hundreds of millions of pounds, according to a report by the Daily Telegraph, which said the government had decided to put off scrapping the tax until at least 2015.
The news comes only days after the Prime Minister's announcement he would curb excessive pay by giving a company's shareholders a voice in what it pays its Chief Executives.
However, that plan was rubbished by a number of sources, with Tax Research UK pointing out that more than 40% of the UK's top companies were owned by overseas shareholders, who had little motivation to limit pay.
"[Foreign shareholders are] not going to run to the defence of the UK economy."
The website added: "So much for ‘Cameron’s people power’ but candidly it’s so ludicrous an idea he really must think we’re stupid to believe that all these people will vote against high pay."
(DW)
Related UK National News Stories
Click here for the latest headlines.
30 November 2010
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
30 May 2014
More Fall Into Debt Following HMRC Overpayments
The number of issues reported to Citizens Advice of people falling into debt as a result of repaying overpaid tax credits increased by 14 per cent in the 2013/14 tax year. Tax Credit debts arise when HMRC over-estimates a person’s entitlement to financial support and ends up having to recoup overpayments.
More Fall Into Debt Following HMRC Overpayments
The number of issues reported to Citizens Advice of people falling into debt as a result of repaying overpaid tax credits increased by 14 per cent in the 2013/14 tax year. Tax Credit debts arise when HMRC over-estimates a person’s entitlement to financial support and ends up having to recoup overpayments.
06 April 2011
Government Tackle Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
Government Tackle Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
18 March 2004
Chancellor’s film relief rules broadly welcomed
Chancellor Gordon Brown’s decision to offset the closing of a tax loophole widely used by filmmakers with extended tax relief has been generally well received by industry bodies.
Chancellor’s film relief rules broadly welcomed
Chancellor Gordon Brown’s decision to offset the closing of a tax loophole widely used by filmmakers with extended tax relief has been generally well received by industry bodies.
30 January 2004
Government hails Child Tax Credit figures
The government has hailed its Child Tax Credit and Working Tax Credit after official figures revealed that six million families had taken up the scheme in the 10 months since their introduction.
Government hails Child Tax Credit figures
The government has hailed its Child Tax Credit and Working Tax Credit after official figures revealed that six million families had taken up the scheme in the 10 months since their introduction.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
