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FRANCESCA LAGERBERG and LINDSEY WICKS consider the income tax changes found in the Budget 2009
KEY POINTS
- New super tax rate of 50% for incomes over £150 000.
- Tapering personal allowances gives an effective tax rate of 60% for some.
- No escape from new pension relief restriction.
- Tinkering with remittance basis.
- Higher ISA limit.
Normally when you listen to someone talking about taking money from the rich and giving at least some of it to the poor they are on stage wearing green tights and carrying a long bow.
However the latest Budget saw the Chancellor take another swipe at the higher paid and added to the list of future tax hikes that were set out in last November's Pre-Budget Report.
This indeed was a 'Robin Hood Budget' set against a backdrop of harsh global conditions and a debt-ridden country but with a cash-grab...
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