first_img whatsapp THE UK has become the fourth most highly taxed country in the whole of Europe, a report revealed yesterday while also warning there could be an exodus of high earners from the City.KPMG’s annual individual income tax and social security rate survey showed the introduction of the 50 per cent rate of tax was the highest personal income tax increase in the world last year. It also propelled the UK from 13th on the league table last year to fourth in terms of the amount of income tax high earners are expected to pay. Only Sweden, Denmark and the Netherlands have higher personal income tax rates.Income tax levels in the UK are now higher than those of key European competitors, France and Germany, KPMG found.But the survey suggests other governments in Europe and the rest of the world may be following the UK’s example by increasing the top rate of income tax as a way of dealing with their budget deficits.KPMG said income tax rates globally had risen for the first time in seven years reversing a general decline. The majority of rate movement in 2010 came from Europe. Those paying the highest income taxes in the world were still those living in the European Union where average rates went up by 0.3 per cent over the past year, although this was in line with the global increase in tax rates.Jayne Vaughan, tax partner in international executive services at KPMG in the UK, said the higher rate tax bracket could have a negative affect on Britain’s economic competitiveness.“Individuals are highly mobile and they may decide to vote with their feet. And where employers are concerned, tax is a crucial business issue when it comes to deciding where to locate workforces,” he said.Vaughan said it was still unclear what the effect of the tax increases around the world would be but added “the fact that high income earners are frequently more mobile should not be overlooked.” Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap UK taxes near top in Europe Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo KCS-content Tuesday 5 October 2010 8:37 pmcenter_img Share Show Comments ▼ whatsapp Tags: NULLlast_img

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