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Boris Johnson calls for tax cut

30.11.12

According to The Daily Telegraph, the Mayor of London was at the Bombay Stock Exchange and suggested that the Chancellor should ‘brood on’ the possibility of a further tax cut for the wealthy.

India’s highest tax bracket is set at 30%, to people earning in excess of one million rupees (around £11,300). Johnson would apparently love the UK to have a similar tax system to India, saying: “You've got tax rates here of only 30 percent - a point George Osborne might like to brood on.”

The Chancellor will reveal the Autumn Statement on Wednesday, and many have called for him to cut the highest tax bracket again. It will drop from 50% to 45% as of April 2013, but if speculation is anything to go by, it may be reduced to 40% following Wednesday’s statement.

Any reduction in personal tax rates will directly affect you as a self-employed contractor and reduce the amount of tax you pay on your profits.

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