George Osborne’s tax cuts for the rich may have made his businessman father £50,000 better off.

It comes as the Tory Chancellor of the Exchequer is pressing ahead with controversial plans to slash tax credits for the poorest workers.

These are set to hit 3.2m hard-working households, costing them £1,300 a year each.

The top-paid boss of wallpaper and fabric firm Osborne and Little – understood to be founder and controlling shareholder Sir Peter Osborne – earned nearly £1.2m in the past two years.

The Tory Chancellor’s 5% cut in the top tax rate to 45% in 2013 would have saved him £48,000 over two years.

Sir Peter also earned £115,000 in dividends last year, on which he will pay almost £6,000 less tax.

The Chancellor is also likely to benefit from the tax cut for those earning £150,000 and more a year.

Source: George Osborne’s dad could be £50,000 better off thanks to his son’s tax cuts – Mirror Online

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