PARTNER AT LAW FIRM TAYLOR WESSING, 58
Martin lives in Wandsworth with his wife in a home they own, without a mortgage. They have children aged 23 and 21. Martin runs to work and rarely uses public transport. He uses his car mainly at weekends, and flies frequently on business trips. Taylor Wessing recorded average earnings per partner of £601,000 last year. He saves through Isas.
BDO’S BUDGET TEAM SAYS:
As an additional rate taxpayer Martin will benefit from the reduction in the top rate from 50p in the pound to 45p, coming into force from 6 April this year. But he won’t benefit from the government’s plan to bring the personal income tax threshold up to £10,000 next year, a year ahead of schedule, as his earnings are over £120,000 per annum, by which point the allowance has been fully tapered off. He will enjoy a bigger Isa limit, as it is increasing from £11,280 to £11,520 from 6 April.