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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| UK Govt Revises Down 50% Tax Revenue Estimate |
by Robert Lee, Tax-News.com, London
Thursday, February 04, 2010
UK Treasury minister Lord Myners has said that the government expects revenues
from the new 50% top rate of income tax will be much lower than expected as
taxpayers arrange their affairs to avoid paying it.
Lord Myners, the Treasury's Financial Services Secretary, told the House of
Lords that "adjustments for the behavioural consequences of a new higher
rate of taxation" have been made by the government, and accordingly the
anticipated tax take has been "significantly reduced."
The government had hoped to trouser just over GBP1.1bn (USD1.75bn) in revenues
from the new tax in 2010, and an additional GBP2.5bn in 2011. It is unclear
what the Treasury now expects to receive, but Lord Myners insisted that, despite
all the negative publicity surrounding Chancellor Alistair Darling's controversial
2009 budget announcement, the revenues will still be "beneficial.”
The 50% rate will apply to annual incomes of more than GBP150,000 from April
6 this year and is intended to help the government repair the tattered public
finances. Lord Myners was keen to point out that the tax will affect just 2%
of the UK population, although those lower down the income scale will also be
affected by plans to remove personal tax allowances for anyone earning more
than GBP100,000 from the same date. This means that someone earning from GBP100,000
to GBP125,000 will face an effective marginal tax rate of 60%. Higher rate pension
tax relief is also being removed for this group of taxpayers.
However, tax experts have predicted all along that the government can expect
to collect at lot less than originally estimated because it will be relatively
easy for taxpayers to avoid the tax, for example by leaving money in a company
to be drawn down at a later date, increasing charitable contributions to offset
higher tax, and through pay rises this year before the tax comes into effect.
Another avoidance method is to leave the country altogether, but Lord Myners
told the House of Lords that only "very small numbers of people appear
to have gone overseas as a consequence" of the increase in the highest
rate of taxation.
The longevity of the 50% tax remains uncertain; if Labour wins the election,
it could remain for the duration of the next parliament, although some prominent
ministers, such as Lord Mandelson, are thought to be in support of removing
it sooner. The Conservatives have also uttered mixed messages on the tax.
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