The wealthy won’t just bend over and take it from the taxman.

City minister Lord Myners told the House of Lords yesterday that he was doubtful the Treasury would rake in the £1.1bn it estimated from the 50% tax rate in 2010, or the £2.5bn in 2011.

He said: ‘We have made adjustments for the behavioural consequences of a new higher rate of taxation and accordingly have significantly reduced the anticipated tax take.’ i.e. those rich ba£tards are going to stiff us with tax avoidance.

Grant Thornton’s senior tax adviser, Mike Warburton, told The Times:

“People are taking obvious avoidance measures because they are not prepared to pay 50 per cent tax,” Mr Warburton said.

“People were prepared to pay 40 per cent but the Treasury don’t seem to understand what drives people. The minister has at last admitted that the 50 per cent tax rate was a blatantly political measure and not designed to raise new revenues. This is all to do with the politics of envy.”

He identified four main avoidance tactics being employed by disgruntled taxpayers including bumping up this year’s pay; storing up pay in their firm to be drawn down at a later date; leaving the country; or choosing to pay it to charity rather than the taxman.

Charitable spite, we like it.