50p tax rate here to stay…until 2015
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There has been much debate about the top 50p rate of income tax, and whilst the actual data on whether it has led to more tax revenue or less (a good place to introduce the Laffer Curve) is not expected until Jan 31st, The Prime Minister and George Osborne are understood to have concluded that abolishing the levy is politically impossible in the near future amid fears that they will be accused of pandering to the wealthy.
The HMRC report is expected to show that the tax rate has added to the tax coffers in the short term but if seen as a more permanent feature of the tax landscape, over time, may fall, as wealthier taxpayers develop ways of circumventing the higher rate.
Read more here.
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