[spyone]

Your right, marginal tax rate, but, your point of 150,000 pounds is new to me...what I read was 300,000 and above. This is even worse!

[Winniesboy]

Since the other tax bands and rates remain unchanged, there will be no effect on most taxpayers; and even for most top-end taxpayers the change will be marginal. That means, of course, that the increased revenue thereby derived will also be marginal, so the effect of this change is largely symbolic. Symbolic of what, however, is not easy to discern: since until now, throughout its 12 years in government, New Labour has assiduously courted the rich (which explains why so many foreign plutocrats choose to live as tax exiles in London.)