The tax, introduced by the previous government in April 2010, means earners of more than £150,000 pay 50% tax on every pound they earn higher than that amount.
The chancellor of the exchequer George Osborne said this afternoon in his Budget speech: "If we keep the 50p tax rate, it will cause lasting damage. It is a temporary measure. Now is not the right time to remove it. We are all in this together."
The chancellor did, however, add that he has asked HMRC to confirm how much revenue was raised from the tax increase from self-assessment forms.
Shimon Shaw, solicitor at law firm Matthew, Arnold and Baldwin, said: "It is virtually impossible to abolish the 50p tax rate - it raises quite a lot of money that would have to come from elsewhere. Plus, the majority of taxpayers will not suffer for it.
"In light of the cuts to the public sector, the Government couldn't reduce tax for the rich, as this leads to a political minefield and is too much of a dangerous step."
Justin Govier, partner at IBB solicitors, said: "There have been calls from organisations, including thinktank The Adam Smith Institute, to get rid of the 50p tax rate, but where should the burden lie? This will be one to come up again in the future."
