The 50p tax rate is not having the effect that was desired, according to Grant Thornton’s Francesca Lagerberg, despite the government ending up with its highest monthly surplus in four years.
The ONS released its public finance figures for January showing that although overall receipts are up 6.2%, in part due to large corporate tax payments this month, Self Assessment (SA) receipts are down.
Lagerberg, head of tax at Grant Thornton, said this could be because people under SA knew the 50p rate was coming in so took action in advance of 6 April.
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