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JOHN ENDACOTT explains how the PBR tax-rate changes will affect the liabilities on individuals’ income
KEY POINTS
- Changing marginal rates in 2010-11 and 2011-12.
- The effect of dividend income.
- Is incorporation the way forward?
- The possible future effect of income shifting rules.
- Watch out for changing circumstances.
We have now had two Pre-Budget Reports by Alistair Darling and both have been big ticket events. Twelve months ago he brought us simplicity as far as capital gains tax is concerned but he now seems to have lost interest in that concept.
However the outcome of these events is that I am increasingly left with the feeling of a back-to-front world like that created by Lewis Carroll for Alice. So 20 years after Nigel Lawson cut higher rate tax while increasing CGT we have had a Chancellor announce a 45% rate...
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