Residents of wealthy towns like Ilkley face tax hike (From Ilkley Gazette)

Residents of wealthy towns like Ilkley face tax hike

8:40am Friday 20th November 2009

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High-earning residents of Ilkley could be hit particularly hard by new higher tax rates in the New Year.

Yorkshire people will be among the hardest hit when the new 50 per cent income tax rate becomes law in 2010, according to an Association of Chartered Certified Accountants expert.

And as Ilkley is one of the wealthiest towns in the UK, says the ACCA, its wealthiest residents will be hit by the tax.

The association’s head of taxation, Chas Roy-Choud-hury, said: “This new 50 per cent tax rate has been trailed for some time now. But it will still come as a surprise and shock to many.

“The amount of tax paid can be confusing, so if people of any income – not just higher rate earners are concerned, then they need to liaise with their local tax office and possibly seek professional advice to make sure all new rules are addressed and all legal options are utilised.”

From the New Year, someone who earns £250,000 per annum will pay in 2010 £10,000 more in tax, says the association, as the 50 per cent rate applies to all salaries above £150,000.

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