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Businesses call for 50p top tax rate to be scrapped

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By (user no longer on site) OP   
over a year ago

More than 500 business leaders have called for the 50p top rate of tax to be scrapped in next month's Budget.Should the goverment scrap it or Not?.

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By (user no longer on site)
over a year ago

Yes i would drop it to 40 p but i would also stop all the loop holes for people to pay little or nothing as some do.

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By *atisfy janeWoman
over a year ago

Torquay

[Removed by poster at 01/03/12 12:49:27]

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By *atisfy janeWoman
over a year ago

Torquay

The 50p tax rate does very little to bring in extra revenue, in fact there is an argument that it in fact reduces revenue as it drives many top tax payers to have a proportion of their salary paid into a limited company where they are the sole shareholder....or their wife/husband is the only other shareholder.

So if it goes some way to reducing the practice then it might be worth looking at dropping the top tax rate down to 40p.

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By (user no longer on site)
over a year ago

Maybe they need to drop the basic rate back to 10% again. ? it'll give us lower paid workers a little bit of a breather.

Somehow though, I cannot see it ....

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By *atisfy janeWoman
over a year ago

Torquay

[Removed by poster at 01/03/12 12:55:50]

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By *atisfy janeWoman
over a year ago

Torquay

People would be better off if they increased the tax threshold to £11,000.

If individuals didn't pay income tax until they averaged £220 a week it would help millions of low paid workers.

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By (user no longer on site)
over a year ago

That of course would also be a massive help. It would take so many people out of tax and after all, it's the lower paid people who need more help so they can buy more fags, cheap cider and takeaway food.

Ooops sorry I got carried away, that last little bit is flippant

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By *iewMan
Forum Mod
over a year ago

Angus & Findhorn


"People would be better off if they increased the tax threshold to £11,000.

If individuals didn't pay income tax until they averaged £220 a week it would help millions of low paid workers.

"

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By (user no longer on site)
over a year ago

I can't see any justification for lowering any tax right now. The country is struggling to reduce the national debt as it is.

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By *urreyfun2008Man
over a year ago

East Grinstead

Actually with VAT at 20%, the link is easier to see.

If low paid workers get an extra £50 a month due to tax changes, then a good chunk will still come back to UK.gov via VAT, or taxes on booze/cigarettes.

To show how daft current system is, I got made redundant, no notice, so reliant on national insurance compensation schemes, and if you sign on, they deduct this from notice compensation pay, and they also deduct tax from it.

Then if you find a job you lose the notice pay if its above the £400 a week threshold.

Oh and three months later, still no sign of the redundancy pay etc. No wonder some people end up in hands of dodgy loan people, when support systems are this slow.

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