The rich get richer: David Cameron's tax cut will help 13,000 millionaires

•  By Vincent Moss
•  
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3 Feb 2013 00:00

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.

A “bedroom tax” will mean people living in social ­housing who are deemed to have a spare bedroom face being forced to move to a smaller house or face a cut in benefits.

Labour’s Shadow Treasury Minister Catherine McKinnell said the latest figures proved that Mr ­Cameron and Mr Osborne were “out of touch with ­reality”.

http://www.mirror.co.uk/news/uk-news/david-camerons-tax-cut-will-help-1572074