§ Matthew TaylorTo ask the Chancellor of the Exchequer (1) if he will estimate the additional yield of an income tax rate of 50 per cent. on taxable incomes exceeding(a) £100,000 per annum, (b) £125,000 per annum, (c) £150,000 per annum and (d) £200,000 per annum; and if he will make a statement; [90173]
(2) if he will estimate the additional yield from levying a 45 per cent. rate of income tax on (a) taxable and (b) gross incomes exceeding £100,000 per annum; and if he will make a statement. [90176]
§ Dawn PrimaroloThe additional yield of making the changes is set out in the table.
Income tax yield in 2003–04 £ billion (a) 50 per cent. rate for taxable incomes over £100,000 4.9 (b) 50 per cent. rate for taxable incomes over £125,000 4.2 (c) 50 per cent. rate for taxable incomes over £150,000 3.7 (d) 50 per cent. rate for taxable incomes over £200,000 3.0 (a) 45 per cent. rate for taxable incomes over £100,000 2.6 (b) 45 per cent. rate for gross incomes over £100,000 2.7 The estimates are based on the Survey of Personal Incomes and are consistent with the November 2002 pre-Budget report. These estimates exclude any behavioural response to the tax change.