Budget 2009: Rich face 50% top tax rate | UK news | guardian.co.ukAlistair Darling said the 50p tax rate replaces the planned 45p new top rate for those earning over £150,000 a year announced in November's pre-budget report and will kick in April 2010, a year earlier than planned
The chancellor, Alistair Darling, today told the rich they faced a top tax rate of 50% as he sought to plug a record budget deficit and admitted the country would suffer this year as a result of the biggest contraction in its economy since the second world war.
Presenting his new budget to parliament, Darling said the 50p tax rate replaces the planned 45p new top rate announced in November's pre-budget report and will kick in April 2010, a year earlier than planned. The new rate will only apply to the few earning over £150,000 a year, who will also see tax relief on their pension contributions curbed.
BUDGET: KEY POINTS
50% tax rate for earnings over £150,000
Growth forecast revised down
£15bn 'efficiency savings'
£2bn help for young unemployed
£1bn to boost housing market
Car scrapping scheme
Well, the rate should have always been higher for the rich but is this really the right time? :/
Not to mention Cameron lit up Darling, it was so amusing to watch.