George Osborne 'Shocked' To Find The Wealthy Pay 'Virtually No
Income Tax'  PA/The Huffington Post  |  Posted: 10/04/2012 07:11
Updated: 10/04/2012 11:45  Osborne was 'shocked' by the news
that millionaires avoid income tax  George Osborne has described
being "shocked" to discover that some of the wealthiest people
in the country pay "virtually no" income tax.  The Chancellor
said he had seen "anonymised" tax returns submitted by multi-
millionaires using aggressive avoidance schemes to dramatically
reduce their tax bills.  HM Revenue and Customs (HMRC) found
that the income tax rate among some of the highest earners was,
on average, only 10%.  Osborne said the HMRC study convinced him
of the need to "take action" to ensure high earners pay more
income tax.  In last month's Budget he limited how much people
could offset their tax bills by investing in businesses or
donating to charity.  Anyone seeking to claim more than £50,000
of tax relief in any one year will have a cap set at 25% of
their income from 2013.