Cameron says 50p tax rate to be scrapped

David Cameron has once again advised that the 50p income tax rate is a temporary measure, and will be scrapped. The Prime Minister was responding to an article in The Daily Telegraph which suggested that the Government would not get rid of the 50p rate before the 2015 elections over fears that they would be perceived to be courting the wealthy.

Speaking to Sky News, he said the 50p rate of tax would be scrapped as the government does not want "high marginal rates of tax" and must demonstrate fairness in its tax system. He did however point out that the higher rate of tax had an important role to play in generating revenue. A review of the 50p income tax rate being carried out by the HMRC is expected to reveal that millions of pounds have been raised.

If you live in Northern Ireland and require advice in respect of income tax, capital gains tax, inheritance tax, or general tax planning, contact one of the tax specialists at Wilson Nesbitt by calling 0800 840 9288 or click here to submit your details to be contacted.

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