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Income Tax

Treasury written question – answered on 10th September 2013.

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Photo of David Gauke David Gauke The Exchequer Secretary

An estimate of the fiscal impact on the Exchequer from a 60% income tax rate on incomes over £500,000 is available only at disproportionate cost. Such a policy would be expected to have a considerable behavioural response which could ultimately reduce Exchequer revenues rather than raise them.

For more details on expected responses to high marginal tax rates see the HMRC report ‘The Exchequer effect of the 50% additional rate of income tax’, available at:

http://www.hmrc.gov.uk/budget2012/excheq-income-tax-2042.pdf

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