Bloomberg News

U.K. Chancellor to Scrap 50% Tax Rate for Top Earners, FT Says

March 17, 2012

U.K. Chancellor of the Exchequer George Osborne will scrap the 50 percent top rate of income tax in the coming budget, the Financial Times reported, without saying where it got the information.

Osborne may cut the rate to 45 percent, while curbing tax allowances and relief that some high earners use to reduce their total payments, the FT said.

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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