Thursday, March 22, 2012

Osborne Baronetcy, of Ballentaylor yields its heir zero taxable income apparently

The Telegraph here confirms what I thought I heard on the radio this morning, upon which I commented in the posting immediately beneath this, that the Chancellor of the Echequer, George Osborne stated he does not pay the top rate of UK income tax, read here, of which this is a quote:

"Speaking on the BBC's Today programme this morning, Mr Osborne claimed his budget demonstrated "maximum ambition" and a "sensible tax reform for a modern age". He also revealed that he was not a 50p rate tax payer."

When the Conservative/Liberal Democrat Coalition Government took power it was announced, as also reported in the Telegraph, linked here, that Cabinet Minister's salaries would be £134,565 per year.

The top rate of tax kicks in above £150,000 per annum, after allowances of course, but it nevertheless seems just a little peculiar, if not to suggest well-contrived that the heir apparent to the Osborne Baronetcy, of Ballentaylor and Ballylemon, dating back to 1629, following in his forebears footsteps has not been sufficiently favoured by his ancestors to benefit from the small amount of extra income necessary to pitch him into the upper tax bracket!

Perhaps some careful tax planning has been underway within the Baronetcy, perish the thought it could involve any morally repugnant aggressive tax avoidance!



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