February 9, 2010

The screws are tightening on the bank accounts of high net worth individuals, particularly those in the City. With effect from April, anyone earning more than £100,000 will see their personal tax allowances reduced, and those with an income of more than £150,000 will be taxed at a top rate of 50 per cent. Individual bonuses to bank workers of more than £25,000 paid before April, meanwhile, are subject to a 50 per cent levy paid by the bank; the employees also pay income tax on the money they receive.

So, who's leaving?

There's been talk of an exodus of high net worth individuals since the Chancellor first outlined his tax hike plans in last April's Budget.



Original Posting At:   InvestorsChronicle