BUDGET '09: Income tax to rise to 50% for high earners

Tax for those earning £150,000 or more will rise to 45% this year, and today the Chancellor confirmed taxes will rise further. While no further rises will be seen for the next twelve months, in 2010/2011 those earning more than £100,000 a year will see income tax rise to 50%. The Chancellor also hit high earners with additional taxes on their pensions, by restricting higher rate tax relief for those earning more than £150,000 who make pension contributions. IFAonline