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Two-thirds of millionaires left Britain to avoid 50p tax rate

Posted By yihan On November 28, 2012 @ 11:32 am In Money Watch | Comments Disabled

Robert Winnett
London Telegraph [1]
November 28, 2012

Almost two-thirds of the country’s million-pound earners disappeared from Britain after the introduction of the 50p top rate of tax, figures have disclosed.

In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.

The figures have been seized upon by the Conservatives to claim that increasing the highest rate of tax actually led to a loss in revenues for the Government.

It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes.

Full story here. [1]

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URLs in this post:

[1] London Telegraph: http://www.telegraph.co.uk/news/politics/9707029/Two-thirds-of-millionaires-left-Britain-to-avoid-50p-tax-rate.html

[2] Britain may need 0% interest rate to avoid a depression, leading economist warns: http://www.prisonplanet.com/britain-may-need-0-interest-rate-to-avoid-a-depression-leading-economist-warns.html

[3] A 62% Top Tax Rate?: http://www.prisonplanet.com/a-62-top-tax-rate.html

[4] French court rejects 75 percent millionaires’ tax: http://www.prisonplanet.com/french-court-rejects-75-percent-millionaires-tax.html

[5] High-income Californians may pay nation’s highest tax rate: http://www.prisonplanet.com/high-income-californians-may-pay-nations-highest-tax-rate.html

[6] Total Enslavement: Government Hits British Middle Class With 50% Tax Rate: http://www.prisonplanet.com/total-enslavement-government-hits-british-middle-class-with-50-tax-rate.html

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