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Clause 2 - Personal allowance for 2013-14 for those born after 5 April 1948

Part of Finance (No. 2) Bill – in a Public Bill Committee at 12:00 pm on 23rd April 2013.

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Photo of Sheila Gilmore Sheila Gilmore Labour, Edinburgh East 12:00 pm, 23rd April 2013

We may be talking about incredibly high net worth individuals, but the 50p tax rate—now the 45p tax rate—does not just apply to the kind of incredibly high net worth individuals who can move away. A deliberate decision was made to pitch it at the level it was pitched. Although it affects only a very small proportion of the population—we know that the median wage sits way down the scale in relation to it—it includes a number of people who cannot simply up sticks and go somewhere else. That argument is put forward—not always with great numbers, but with a few anecdotes—but it is not a good enough reason for saying that we should abandon a tax rate that might be of assistance.