Tax advisers expressed surprise that only 1,500 medical professionals made disclosures under HMRC’s Tax Health Plan (THP) by the 30 June deadline. HMRC told Tax Journal that there were over 2,000 ‘notifiers’ and the THP had yielded around £9 million.
The UK’s top rate of personal income tax is ‘substantially above the OECD average and likely to adversely affect work incentives and entrepreneurship’, according to an OECD report. Consideration should be given to reducing the rate to close to 40%, it said.
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