





UK Govt. cuts VAT to 15%, increases income tax
Darling also announced the growth of the income tax to 45% for earnings over 150,000 pounds (223,700 US Dollars), starting in April 2011, after the next general elections. The maximum income tax at this moment is 40%.
The UK Finance Ministry also updated the predictions for governmental loans, from 78 to 43 billion pounds, for the 2008-2009 fiscal year.
A slight growth is also expected to take place in several steps for the taxable income of small companies. The tax will reach eventually 22%, from the current 21% level.