The Times reports that the new 50% tax rate for Britain’s top earners is starting to have its predicted effect, of persuading some of those top earners to take their income elsewhere.
There are many other indirect taxes and our chart below highlights six of them. As you can see the flow of tax revenue from indirect taxes on tobacco provides a very important source of money for the UK government. Together these six indirect taxes add nearly £20 billion annually into the government’s coffers.