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Taxation: Income Tax

Volume 717: debated on Monday 1 March 2010

Questions

Asked by

To ask Her Majesty's Government what is their estimate of the revenue that will be raised from the introduction of the 50 per cent rate of income tax on incomes over £150,000 in (a) 2010–11, (b) 2011–12, and (c) 2012–13. [HL1835]

To ask Her Majesty's Government what have been the effects of revisions to (a) gross domestic product forecasts, and (b) expected behavioural responses since Budget 2009 on the revenue forecast to be collected from the 50 per cent rate of income tax on incomes over £150,000 in (a) 2010–11, (b) 2011–12, and (c) 2012–13. [HL1836]

The estimated revenue to be raised from the introduction of the 50 per cent rate of income tax on incomes over £150,000 is (a) £1.13 billion in 2010-11, (b) £2.52 billion in 2011-12, and (c) £2.4 billion in 2012-13. (These estimates are as shown in the Budget 2009 Report: the estimates for 2010-11 and 2011-12 are obtained by adding line 44 of table A1 of the report to line h of table A2 of the report, and the estimate for 2012-13 is given in footnote 3 to Table A1.)

Updated estimates of the revenue expected to be collected from the 50 per cent rate of income tax will be published at Budget 2010. These estimates will take into account latest information including updated economic assumptions.