THE UK BUDGET – SHOWING THE WAY ON PROGRESSIVE TAXATION
At last Gordon Brown has shown the way by increasing progressive taxation in his latest budget. Those earning over £150 000 will pay 50% income tax, and lose some of their allowances. Can we expect a queue of potential tax exiles? And if so, don’t you think they may be happy to pay a mere 25% of their pay in tax in Jersey. Surely the attraction of a sunny island within reach of their loved ones and London hairdressers will be sufficient inducement to prevent them going further afield, or from sitting under a rain cloud in the Isle of Man in order to receive a lower rate?