Tories mull cutting 50p tax rate

Chancellor George Osborne and senior Tories are considering cutting the 50p top rate of income tax once HMRC completes its review of the revenue the higher tax band brings in. Senior Tories are backing a cut in the rate to 45p, citing Treasury analysis showing that about 70 per cent of revenue would come from raising the rate to 45p from 40p, while just 30 per cent would come from an additional 5p raise. The next revenue analysis should come next year after tax returns are submitted in January.