Following recent signals from the Chancellor that the 50p tax rate will soon be abolished, a Midland tax specialist has called on the region’s business owners to begin their tax planning immediately.
The message comes from Steven Holden, Tax and Trust Manager at Midland law firm MFG Solicitors, who is determined that West Midlands business owners plan effectively for the date the top tax rate – a levy applying to those earning over £150,000 – disappears.
Mr Holden said: “All the 50p tax rate has created is uncertainty which has been especially difficult for businesses and wealth creators across our recession-hit region. Although the Treasury was clear in this year’s budget that the 50p rate was a temporary measure, they were not transparent in terms of when it would be erased. With or without that much needed clarity, there is no doubt it is seen as an uncompetitive levy which has only raised marginal amounts for the Treasury’s dilapidated coffers.
“However in recent weeks, spring 2013 has been heavily muted by ministers as D-Day for the 50p rate. This has given a better indication of timescales involved and should also give the region’s business owners and top rate tax payers the impetus to organise their tax arrangements in preparation. There are several attractive measures they can use to prepare themselves.
Following recent signals from the Chancellor that the 50p tax rate will soon be abolished, a Midland tax specialist has called on the region’s business owners to begin their tax planning immediately.
The message comes from Steven Holden, Tax and Trust Manager at Midland law firm MFG Solicitors, who is determined that West Midlands business owners plan effectively for the date the top tax rate – a levy applying to those earning over £150,000 – disappears.
Mr Holden said: “All the 50p tax rate has created is uncertainty which has been especially difficult for businesses and wealth creators across our recession-hit region. Although the Treasury was clear in this year’s budget that the 50p rate was a temporary measure, they were not transparent in terms of when it would be erased. With or without that much needed clarity, there is no doubt it is seen as an uncompetitive levy which has only raised marginal amounts for the Treasury’s dilapidated coffers.
“However in recent weeks, spring 2013 has been heavily muted by ministers as D-Day for the 50p rate. This has given a better indication of timescales involved and should also give the region’s business owners and top rate tax payers the impetus to organise their tax arrangements in preparation. There are several attractive measures they can use to prepare themselves.
Comments