George Osborne’s focus this
year remains stability and the shoring-up of government finances,
although better than expected borrowing figures have given him some
room for manoeuvre.
The main personal tax measures announced are connected with
improving the UK business environment.
50p tax rate
The chancellor has issued a raft of taxes hitting high net worth
individuals and will remove the 50p tax rate from 2014. The cut is
offset by increases in tax reliefs and higher rate SDLT, which should
raise significantly more revenue than the existing system. 'I’ve
always said it was temporary but I also said I would not be preopeared
to reduce while we were asking the public sector to take a pay freeze,'
said chancellor George Osborne.
Already subscribed? Please log in.
Your free features:
- Breaking news and expert analysis
- Customisable daily newsletters
- Six free CPD learning modules each year
- Personalised CPD tracker
- Top 75 Firms league tables
- Regulatory changes
- Hardman’s Tax Data
