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Budget batters anyone earning more than 150k

Alistair Darling is still unveiling his budget revelations, but the big news so far is that anyone earning more than 150k a year is in for a shock.

Although Darling emphasised that he intends to "retain [Britain's] position a world centre for finance," the following measures are likely to hit the City disproportionately -

- Anyone on an income above 150k (350,000 people) will see their marginal tax rate rise to 50% from April next year (instead of 2011 as originally planned).

- Anyone earning more than 100k will see their non-taxable allowance removed from next April.

- Tax avoidance schemes will be clamped down upon.

- Higher rate tax relief on pensions for anyone earning more than 150k will be removed.

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AUTHOReFinancialCareers UK Insider Comment
  • Qu
    Queezy
    24 April 2009

    25 people on 150k+ in Henry's inner circle wouldn't hurt him much cos he's already got a pole in there taking up all the room...

  • gi
    giles.percy
    23 April 2009

    @Henry: "The ~25 people in my inner circle are all on 150k+"

    Ouch, that must hurt when you sit down.

  • Tr
    TradingSlut
    23 April 2009

    who cares? Buffett the Master doesnt even live in NYC or London - Im doing something wrong if I am here - good ridance coporate

  • De
    Denarius
    23 April 2009

    Brownman, I for one don't give a ratzass if the Tory's reverse the extortionate taxes imposed on us by Gordon "I don't have the mandate of the people to run this country" Brown's government.

    It became painfully clear yesterday that taxes can only really go in one direction.

    What really counts is seeing our next governement adopt a more responsible attitude to spending. In effect, spend less, ensure value for money, get public sector growth under control and sort out the civil servant pensions black hole.

    I've had enough of watching Brown's mob trying desperately - but failing - to get anything right (choose any public policy area). The final insult is the pitiful state of our country's finances brought about by their own incompetent actions, and their desperate attempts to claw deeper into my pockets to bail themselves out.

    If only I could run my own financial affairs the way the Chancellor's office has managed the public purse for the last 10 years!

  • Je
    Jester Hyde
    23 April 2009

    Got to say I agree with UK Sucks... The substandard infrastructure & services in this Country is not at all consistent with a high tax jurisdiction. I've always said London is a great place to visit but it sucks to live here.

    And it is highly likely that this foreseeable reaction by the Govt will have a negative effect on the UK's future given the significance of Financial Services to the economy. But then there is a flipside to that argument that holds some validity at present & that is without such a large Financial Services industry the UK would not be tottering along the path to Bankrupcy.

    Perhaps its time to returm to colonialism? That way the UK can climb back to it's former great heights on the back's of others.

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