Income Tax: Tax Rates and Bands

Treasury written question – answered on 16th May 2008.

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Photo of Austin Mitchell Austin Mitchell Labour, Great Grimsby

To ask the Chancellor of the Exchequer if he will estimate the change in tax revenues which would occur if incomes at £100,000 or above were taxed at a marginal rate of 50 per cent. in 2008-09.

Photo of Jane Kennedy Jane Kennedy Financial Secretary, HM Treasury

The estimate of extra revenue if incomes at £100,000 or above were charged at 50 per cent. would be around £7.9 billion for 2008-09. This figure excludes any estimate of behavioural response which could be significant given the scale of the change.

This estimate is based on the 2005-06 Survey of Personal Incomes projected forward using Budget 2008 assumptions and includes changes announced in Budget 2007.

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