Socialist Worker

Bosses avoid paying new tax

Issue No. 2190

Many bosses have found a way to minimise the impact of a new 50p tax rate for high earners, which will come into force in April.

They are pushing through bonuses before the end of the financial year.

The bosses have all sorts of scams to avoid the tax.

Yet even the Association of British Insurers is worried about how unpopular this latest move will be.

Last month it said that the schemes “risk causing damage to the reputation of the company and shareholders”.

The government only expects to collect 30 percent of the tax it is due, because of the growth of avoidance schemes.

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Tue 23 Feb 2010, 19:25 GMT
Issue No. 2190
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