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50% tax for higher earners comes into force
06 Apr 2010 | Filed under: Media ArticlesThe new rate will affect the top 300,000 earners in the UK out of the 29 million paying income tax. The new tax is aimed at raising public finance but there is disagreement over the effectiveness of the new measures.
The Institute of Directors argued that the new tax would damage business confidence and foreign investment.
“We believe the 50p rate is likely to raise little or no tax overall in the short-term, and lead to lower overall tax revenues in the medium to long-term,” said an IoD spokesman, arguing that some higher earners will simply move abroad to countries with lower tax rates.
It added that some directors of multinational companies might be tempted to move their headquarters abroad too, thus reducing the scope for the government to levy corporation tax.
The full article can be read here (2 mins reading time)http://news.bbc.co.uk/1/hi/business/8604215.stm
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