In the November 2008 pre-budget report, the Chancellor of the Exchequer announced a series of changes, including tax and national insurance increases, which will affect the UK's highest earners from next year.Many of the changes start small but will build up over time. From the 2010-11 tax year there will be a phase-out of personal allowances on high income, with the basic personal allowance being restricted for gross (pre-tax) incomes exceeding £100,000. The restriction will apply in two stages: up to half of the allowance for income between £100,001 and £140,000; and the balance when income exceeds £140,000.
January 21, 2009 at 09:28 PM
1 minute read
The original version of this story was published on Legalweek
Last year’s pre-budget report will have major implications for the taxation of partners’ income. Baker Tilly’s George Bull sets out the full impact on partners, law firms and clients
In the November 2008 pre-budget report, the Chancellor of the Exchequer announced a series of changes, including tax and national insurance increases, which will affect the UK’s highest earners from next year.
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