Tories told 'don't help friends with 50p tax'; IFS doubts policy value

His comments come as a report from the Institute of Fiscal Studies (IFS) is expected to argue the 50p tax rate for those earning more than £150,000 may not boost Treasury coffers and may even lower revenue. This is because the wealthy, who provide a huge source of funds for the Chancellor, could reorganise their finances to avoid paying tax. "It is not clear whether the 50% rate will raise any at all," the IFS report will say, according to the Sunday Times. "There are numerous ways in which people might reduce their taxable incomes in response to higher tax rates; at some point, in...