Chancellor George May Slash Top Tax Rate in Budget
A recent report confirmed that there are fair chances that Chancellor George Osborne would trim down income tax rate for those who are earning more than £150,000 by 50p to 40p. It is expected to be announced in next week's Budget on March 21.
There could be introduction of a "Downton Abbey" tax break in order to provide much needed support to the television industry which is largely dominated by US hits like Mad Men and The Wire. It was told that the tax imposed on the high end earners was roping in large sum of money as compared to the estimated amount of £2.6bn.
Of late, there has been rising pressure on Ms. Osborne to reduce tax on high end earners as it was discouraging companies to set up their base in Britain, which was ultimately affecting economic growth of the country. Owing to pressure of austerity measures, there is feeble chance that there would be any reduction in tax imposed.
As of now, the focus must be on creating job opportunities in the country so that economy can be stabilized. In response to rising pressures to trim down tax on biggies, Labour's shadow business secretary Chuka Umunna said: "Now is not the moment to do this".