Leading entrepreneurs view the 50p tax rate as an "obstacle to enterprise and incentive", according to a survey by Ernst & Young (E&Y).
The business owners, some of whom warned their senior managers are leaving for overseas positions due to the tax, are the latest group to call on the Government to scrap the 50p top rate for those earning more than £150,000, the Telegraph reports.
More than half the directors - the 20 finalists in the accountancy firm's annual UK Entrepreneur of the Year award - said reform of the tax rates was the key measure required to encourage firms to grow.
Richard Hall, partner at E&Y, said the 50p rate "is widely seen as a significant disincentive to doing business in the UK, providing a barrier to new executives coming here, while also driving existing higher earners abroad".
The entrepreneurs also raised concerns over financing, red tape, accessing skilled workers and the challenges of investing abroad, according to the Telegraph.
Earlier this month, 20 leading economists urged chancellor George Osborne to scrap the 50p rate for the sake of the recovery.
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