LegalWeek: City partners earning £1m will save around £42,000 a year as a result of the reduction in the top tax rate announced in Chancellor George Osborne's Budget last week. Osborne's move to cut the top 50p tax rate to 45p from April 2013 means partners under 65 earning £1m each year will see their tax liabilities (including national insurance) for 2013-14 drop to £458,406, compared with £500,553 in 2012-13.
Full story: http://www.legalweek.com/legal-week/news/2163388/law-firm-partners-gbp1m-save-gbp42k-osbornes-tax-cuts