§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer what estimate he has made of the first year revenue which would be raised by the Exchequer from a 50 per cent. rate of income tax on taxable incomes of over £100,000 per annum. [16564]
§ Mr. JackThe estimated first year yield at 1997–98 income levels of introducing a new rate of 50 per cent. on taxable incomes above £100,000 is £660 million; the full year yield is £1.4 billion. It does not take account of any behavioural effects which might result from the introduction of the new rate of tax.