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| IoD: 50 per cent tax rate is 'foolish' |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Tuesday, 06 April 2010 00:00 |
 The new 50 per cent income tax rate for the UK's highest earners is fundamentally flawed, according to the Institute of Directors (IoD). As of today (April 6th), income tax for the 300,000 people earning more than £150,000 annually will be increased from 40 per cent to 50 per cent and those earning over £100,000 will be taxed more heavily on a gradual basis. The government hopes these measures will raise approximately £4 billion for public spending over the next year. However, the IoD has warned that the new rates will increase tax avoidance by the country's top earners, causing many to move abroad and therefore damaging foreign investments and British business as a whole in the future. Richard Baron, the IoD's head of taxation, said: "The superficial attraction of 50p rate is that it will yield some new revenue from higher earners, but once we dig deeper we can see the policy is foolish. "It will create a further deterrent to new international capital coming to the UK, thereby impoverishing all of us indirectly over time." Posted by James Strang. 
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