UK's top rate tax rate cut was world's largest in 2013

The country's top rate of tax has dropped from the fifth to 11th highest in the European Union, according to KPMG.

However, it is still higher than both Greece and Italy. The Telegraph reports the decision to cut the top rate of tax "bucked the trend" as equivalent average rates rose around the world. KPMG said the government's move to cut top rate tax from 50% to 45% was the largest cut anywhere in the world in 2013. The report said the UK's top tax rate has fallen from being fifth to 11th highest in the European Union. It is 18th highest in the world.