Thursday, November 29, 2012
The Guardian: Two-Thirds of Millionaires Left Britain to Avoid 50% Tax Rate:
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
It is believed that rich Britons moved abroad or took steps to avoid paying
the new levy by reducing their taxable incomes.
George Osborne, the Chancellor, announced in the Budget earlier this year that
the 50% top rate will be reduced to 45% from next April