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To ask the Chancellor of the Exchequer if he will estimate the potential additional revenue to the Exchequer arising from a 60 per cent. tax rate on earnings above £500,000 per annum; and if he will make a statement.
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: