Sarah Harris
- Position: Partner OCA
- Phone: +44 (0) 1753 551111
- Fax: +44 (0) 1753 550544
- Email: Sarah.Harris@ouryclark.com
The top rate of Income Tax will increase to 50% on 5th April 2010 for earned income over £150,000.
Additionally, those earning over £100,000 will have their tax free personal allowance reduced by £1 for every £2 they earn above the £100,000 threshold- this is an effective tax rate of 60%!
Planning Possibilities
Short Term/ One Off
Consider bringing forward one off payments of bonuses or dividends so that they fall to be taxed at the existing lower rates.
Partnerships and Sole Traders may wish to consider changing their accounting reference date to push more profits into 2009/10.
Both of these measures would result in a [...]
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