Top tax pushes rich abroad for 'tax-yahs', says think tank

The 50% rate of income tax on earnings over £150,000 per year, introduced as a temporary measure by then-chancellor Alastair Darling in 2010, is easily avoidable, the Centre for Economics and Business Research (CEBR) said. The think tank claims in its report 'The 50p Tax: Good intentions, bad outcomes', that young professionals are able to use financial products, wealth management services and residency rules to circumvent the tax. CEBR dubs one popular tax maneuver as the "Tax Yah", a play on words referring to wealthy youngsters' trend for taking so-called "gap yahs" earlier in thei...