A UK demolition contractor has hit out at tax changes that could cost him hundreds of thousands of pounds.
David Lee yesterday began examining ways to move offshore in the wake of the chancellor’s imposition of a 50 per cent tax rate for high earners, writes the Financial Times’ Bob Sherwood. The founder and managing director of Lee Demolition, one of the UK’s largest demolition groups, which turns over £14m a year, is looking at a personal tax increase of “at least a couple of hundred grand”. Just two of his companies generated profits well in excess of £2m last year, he said.
“It’s just too much,” he told the FT. “We are not going to stand for it. We will have to look at ways of getting around it. We just think it is unbelievable that [the chancellor] can charge 50 per cent tax.”
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