Business search for ways to beat 50p tax

Many businesses have stepped up their efforts to avoid the forthcoming 50p tax on high earners in a bid to protect the personal wealth of their executives.

This is according to the Financial Times, which said that advisers have seen rising interest from companies wanting to move the timing of their pay ahead of the introduction of the levy in April.

Anger about the tax is growing among those on large salaries and head of employee incentives for KPMG Chris Page told the news source that finance directors are being ’harangued’ by those wanting to find a away around making the payments.

’There is a lot of pressure from senior people saying they will be seriously impinged if nothing is done …?it is now getting very uncomfortable,’ he stated.

The tax will affect those earning over £150,000 per year and John Whiting of the Chartered Institute of Taxation said earlier this month that some people will be looking into using tax schemes to turn their income into capital.

However, he added that these are being watched closely by HM Revenue and Customs.ADNFCR-2318-ID-19631289-ADNFCR