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Income Tax

Volume 407: debated on Tuesday 24 June 2003

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To ask the Chancellor of the Exchequer what the estimated yield would be in the current financial year of a top rate of income tax of 50 per cent. on incomes of £150,000 and above if all other rates and allowances were to remain the same.[120514]

The additional full-year yield of a 50 per cent. rate of tax on taxable income over £150,000 in 2003–04 is £3.6 billion. This estimate is based on the Survey of Personal Incomes 2000–01 and is consistent with the April 2003 Budget.