‘The Institute of Directors has urged the Chancellor to axe the 50% tax rate for high earners and reinstate their tax-free allowances, in order to kill off “the damaging perception” that the UK is becoming a high-tax economy. The trade body said George Osborne needs to make a "clear statement" in next week's Budget that the top income tax rate, which applies to earnings over £150,000 a year and was introduced by the previous government, will be gone by 2015.
‘The IoD called for corporation tax to be cut to 15% by 2020, with the aim that the UK will boast the lowest rate in the world. The Government's current plan is for the headline rate to fall from 28% to 24% by 2014. Cutting to 15% would cost around £9 billion a year, the IoD estimated, but said the move would be part-funded by the increase in business investment which would result.’
‘The Institute of Directors has urged the Chancellor to axe the 50% tax rate for high earners and reinstate their tax-free allowances, in order to kill off “the damaging perception” that the UK is becoming a high-tax economy. The trade body said George Osborne needs to make a "clear statement" in next week's Budget that the top income tax rate, which applies to earnings over £150,000 a year and was introduced by the previous government, will be gone by 2015.
‘The IoD called for corporation tax to be cut to 15% by 2020, with the aim that the UK will boast the lowest rate in the world. The Government's current plan is for the headline rate to fall from 28% to 24% by 2014. Cutting to 15% would cost around £9 billion a year, the IoD estimated, but said the move would be part-funded by the increase in business investment which would result.’
