So assuming personal taxes will go sky high...?

wakeupalarm

I always find it odd that high earners will suddenly all move abroad. Are people really going to move abroad for 5% increase in tax? What are the tax rates in the other countries these higher earners will move away too? And will they move again if that country puts up its taxes or do they think no other country in the world has contemplated tax increases?

I can see their minds ticking away now. Don't pay 45% tax in the UK, move to Japan and pay only 44%.

nicko33

LesU wrote: »

I'd be interested in knowing just how many people there are in the UK that are earning a taxable £150,000+ a year. You'll probably find the answer is almost no-one. Anyone with that level of earning will have a competent accountant beavering away in the background writing everything off as expenses, EU grants, legitimate offsets, nanny's fees etc etc..........

this would appear to have some answers for you
http://www.theyworkforyou.com/wrans/?id=2007-07-17b.149811.h

e.g. from 2004-05
The top 5% of earners (1.515 million people earning £52400+) earn 23.8% of all income (before tax)

The top 1% of earners (303000 people earning £117000+) earn 11.3% of all income (before tax)

edit:
also some links at
http://www.hmrc.gov.uk/stats/income_distribution/menu.htm

those incomes went up to £56200 and £132000+ in 2005-06