New figures reveal the number of people earning at least £1m a year has rocketed
THE number of millionaires who will benefit from David Cameron’s April tax cut has soared to 13,000.
Experts had predicted that 8,000 people earning £1million a year would get an average tax cut of almost £100,000 – thanks to the PM and Chancellor George Osborne’s decision to cut the 50p top rate of tax to 45p. But new figures reveal the number of people earning at least £1m a year has rocketed to 13,000, despite the economy being on the brink of a triple-dip recession.
The income of Brits who earned more than £1m last year was an astonishing £27.4billion.
HM Revenue and Customs figures reveal that the million-pound earners would have paid a total of £12.7bn this year at the 50p tax rate.
But that will drop by £1.3bn to £11.4bn when the rate is slashed to 45p.
The cut will come as Britain’s poorest are hit by a council tax benefits shake-up.