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Alistair Darling considering super tax

It has been reported in the press today that Chancellor of the Exchequer Alistair Darling is considering a super tax on those earning over £500,000 a year. It is believed he is looking towards a 60% to 70% income tax band on earnings over £500,000 a year which could have serious repercussions for the UK business arena. So will he actually go ahead with this ambitious plan?

Yet again there would appear to be the political leanings in this regard as this potential super tax will again differentiate the Labour Party from the Conservative Party, at least in the minds of voters. Whether or not Alistair Darling will have the nerve to go ahead with such a massive change in the UK income tax system remains to be seen but there is the potential to at least suggest to voters, as we approach the election, that he is considering this move even if in the end it is dropped.

Already the British Chambers of Commerce has suggested that such a move would drive away some of the top talent in the UK business arena and have a massive detrimental impact on the UK economy in the longer term. It seems a case of short-term gain for long-term pain if Alistair Darling is brave enough to go ahead with this new tax band.

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