50% Income Tax. labour Are Effing Thick.

Pre-1997 I paid 40% tax on company bonuses. It was worth taking money out of my company, so I worked hard and expanded operations. It cost £100,000 to put £60,000 in my pocket.

Then came Gordon Brown, who added Nat Ins so tax is raised at around 63%. It has, since 1997 cost around £160,000 to put £60,000 in my pocket.

It is simply not worth putting money at risk when you keep 100% of your loss, and only have a beggar's portion if you win. Result - I stopped working and went overseas.

To buy UK assets, instead of earning money, I now borrow with no intention of paying back, except by reselling the asset. I have moved to living from rents and capital gains which are taxed variously, but with top rate at 40%, still acceptable.

It seems odd to me that the kind of investment that creates jobs, raises wealth levels, and makes the economy more productive is the most penalised by tax.

Britain has a problem. People must accept that those who raise the country's productivity and its wealth level have to be rewarded. Taking risks is not a job like a brain surgeon, or architect. You can stop doing it any time. I have, I regret to say. The reason is undoubtedly Gotdon Brown.

If they raise the rate to 50%, that will translate to 73% with nat Ins added on. So I would need to pay £220,000 to put £60,000 in my pocket. Do they think I'm mad?

I have paid far less tax since Gordon Brown starting raising taxes. In fact they keep sending investigators round to try to see where all their money has gine. They really don't have a clue. If the p[urpose of tax is to raise more money, they should cut the rate. BUt of course the purpose is not that at all. They want to flatten wealth levels.

They won't make me poorer. People like me just go - to where people want us, and allow us to be free. That's the main motivation in people running busionesses - to be free of all this crap, and people like Harriet Harman.