City solicitors will see a sharp rise in personal taxation after chancellor Alistair Darling today (22 April) announced a new 50% rate of income tax as Labour fights to bring the UK's strained public finances under control. The new top tax rate, which will apply to earnings in excess of £150,000, will be implemented from April next year, earlier than was initially expected.The move goes further than an announcement in November 2008 that the top rate of UK income tax would rise from 40% to 45% in April 2011. The move is also likely to spark a renewed debate regarding the impact of taxation on the City's position as a leading finance centre.
April 23, 2009 at 01:56 AM
1 minute read
The original version of this story was published on Legalweek
City solicitors will see a sharp rise in personal taxation after chancellor Alistair Darling today (22 April) announced a new 50% rate of income tax as Labour fights to bring the UK’s strained public finances under control.
The new top tax rate, which will apply to earnings in excess of £150,000, will be implemented from April next year, earlier than was initially expected.
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