Factbox: The UK’s top tax rate – what is it and why does it matter?

The top rate of income tax of 50% for incomes over 150,000 pounds ($168,390.00) a year was introduced in April 2010. The Conservative-led government of David Cameron cut the rate to 45% from April 2013. The finance ministry said getting rid of it would cost about 2 billion pounds a year, a fraction of the total 45 billion pounds in tax cuts in the mini-budget. Several Conservative lawmakers deplored the timing of the move amid a cost-of-living crisis. Many economists said it would do little to boost growth. For many investors, the decision suggested a shift away from sound management of the budget, the government said in its mini-biodiodial budget. Read more from this article on . . .