The Chancellor has claimed figures show a rise in the tax-take form top earners since he reduced the top rate of income tax from 50% down to 45%. The Shadow Chancellor claims the figures have been distorted and calls them “fantasy figures”. It may be this is preparing the way for a tax cut for the richest few in the budget on 16th March. But with so much political spin coming out of Westminster it hard to work out reliable predictions. The economy is weak and tax receipts into HMRC are lower than planned. There have been cuts in some areas. But the Government still has taxpayers’ money to lavish on its own pet projects.
Tax Barrister, Accountant