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Think tank warns tax system 'punishing success'

Business News 06 Feb 2014

The Institute for Fiscal Studies (IFS) this week warned that reliance on tax from higher earners is a financial risk for the nation.

'Lumping more taxes on the rich,' is not sustainable, the IFS suggested. Figures show that the 300,000 people earning more than the top income tax threshold of £150,000 contribute nearly 30% of income tax revenue.

Concerns have been raised over reliance on such a small group of higher earners, because they may see a decline in business or even choose to leave the UK. Senior economist at the IFS, Rowena Crawford, said, 'the world is more mobile than it used to be'.

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