HL Deb 02 February 2000 vol 609 cc33-4WA
Lord Marlesford

asked Her Majesty's Government:

Whether they will estimate, in respect of the most recent year for which information is available, what the additional revenue from income tax would have been if the following rates of income tax on taxable income above the then higher rate threshold had applied: 40 per cent up to £100,000; 50 per cent from £100,000 to £500,000; 60 per cent from £500,000 to £1,000,000; and 70 per cent above £1,000,000, assuming that all other parts of the tax system remained unchanged. [HL733]

Lord McIntosh of Haringey

If higher rates of income tax were imposed at 50 per cent on taxable income between £100,000 and £500,000; 60 per cent on taxable incomes between £500,000 and £1,000,000; and 70 per cent on taxable incomes above £1,000,000, this would raise £3.1 billion in a full year.

This estimate is based on the 1997–98 Survey of Personal Incomes projected to 1999–2000 consistent with November 1999 Pre-Budget Report assumptions.