Breaking News

Wed Nov 28, 2012 9:51AM
British Labour leader Ed Miliband (L), UK Chancellor George Osborne (R)

British Labour leader Ed Miliband (L), UK Chancellor George Osborne (R)

Around two thirds of Britain’s million-pound earners have left Britain after the 50p top rate of tax was introduced, new figures disclose. The number of 16,000 workers, who announced an income of over £1 million in 2009-10 tax year to HM Revenue and Customs, plunged to some 6,000 after former Labour party politician and Prime Minister Gordon Brown introduced the 50p top rate of income tax. It is believed that highest earners reduced their taxable incomes or disappeared from Britain to avoid paying the new levy. The figures have been seized upon by the Conservatives as they claim that increasing the highest rate of tax by the previous Labour administration has led to a loss in government revenues. Earlier this year, British Chancellor of the Exchequer George Osborne announced in the Budget that the 50p top rate will be reduced to 45p from next April. However, Ed Miliband, Leader of the Labour party, highlighted separate figures to accuse ministers of giving the rich a tax break worth more than £100,000. MOS/SSM/HE