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The Daily Telegraph is reporting that the Government is not planning to scrap the 50p tax rate until at least 2015. Although David Cameron and George Osborne agree that the tax should be temporary, it is thought to be a political impossibility until at least the end of the current parliament.
HMRC is currently preparing a report on the money raised from the 50p tax rate since it was introduced in April 2010. A formal announcement about the future of the tax is expected in the Budget on 21 March.
If you have income of more than £150,000 and are paying the 50p tax rate you may be able to save money. For example:
- Reduce your taxable income by making pension contributions;
- If you are married or in a civil partnership, equalise income by splitting ownership of income producing assets;
- Restructure your borrowings to make them tax-efficient; or
- Implement other tax planning structures to reduce income tax.
If you want to find out more about these and other tax saving ideas please contact Ruth Dooley on 01452 634800 or email her at ruth.dooley@hazlewoods.co.uk.
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