Chancellor George May Slash Top Tax Rate in Budget

.

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".


Latest News

Abortion-rights advocates condemn mid-pregnancy abortion ban
Californian mother reaches settlement over breast milk dispute with TSA
Clinton encourages UConn community to actively participate in voting
Majority of Californians support Common Core: poll
WhatsApp now has 500 million regular, active users
Microsoft announces ad-free version of ‘Bing in the Classroom’ engine
Late Steve Jobs’ presence still continues to be a part of Apple
Google launches new time machine-like feature on Maps
NHTSA opens probe into automatic braking system on 2014 GM Chevrolet Impala
Withings launches latest-generation Pulse fitness tracker --- Pulse O2
Google unveils new mobile ads which help find apps that fit users’ daily habits
Several Canadians experienced child abuse