Did 50p tax rate cause a millionaire cull?

More than 16,000 Britons declared an annual income of £1m plus to HMRC in the 2009-2010 tax year. But after Labour introduced the new 50p tax rate, that figure fell to around 6,000.

Some Conservatives claim the new HMRC figures vindicate the Coalition income tax cut for high earners from 50p to 45p. Is it that simple?%VIRTUAL-SkimlinksPromo%