Top rate tax reduction a 'giveaway to the very top'

Senior research economist at the Institute For Fiscal Studies, James Browne, has told ITV News that the Government's decision to reduce the top rate of income tax from 50p to 45p is a "big giveaway to a relatively small group of people at the very top".

Read: New government tax rate reforms come into effect

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Top income tax rate falls to 45%

A raft of government changes to tax reform come into effect from today, including a cut in the top rate of income tax from 50p to 45p.