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The Handbook of Personal Wealth Management, 8th Edition by Jonathan Reuvid

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2.1

Surviving a high tax regime

ERIC WILLIAMS, GRANT THORNTON UK LLP

Before the increase to 50 per cent in 2010, the top rate of income tax in the UK has not been above 40 per cent since 1988. While the introduction of the 50 per cent rate by the last Labour government was probably politically motivated, the huge structural deficit inherited in 2010 by the coalition, and the ensuing economic difficulties, have made it politically impossible in the short term for the new government to reduce that rate. George Osborne has now indicated that the 50 per cent rate will remain for one more year before the top rate goes down to 45 per cent on 6 April 2013. Together with increased national insurance rates for employers (13.8 per cent from 6 April 2011) ...

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