§ Lord Marlesfordasked Her Majesty's Government:
Whether they will estimate, in respect of the most recent year for which information is available, what 166WA would have been the additional revenue from income tax 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 on the slice of taxable income between £100,000 and £500,000; 60 per cent on the slice of taxable income between £500,000 and £1,000,000 and 70 per cent on the slice of taxable income above £1,000,000, assuming that all other parts of the tax system remain unchanged; and [HL698]
What was, for the most recent year for which figures are available, the number of United Kingdom taxpayers whose personal taxable income exceeded £100,000, £250,000, £500,000, £1 million. £5 million and £10 million respectively. [HL699]
§ Lord McIntosh of HaringeyThe yield from increasing income tax rates in 2002–03 to 50 per cent on the slice of taxable income between £100,000 and £500,000; 60 per cent on the slice of taxable income between £500,000 and £1,000,000 and 70 per cent on the slice of taxable income above £1,000,000, assuming that all other parts of the tax system remain unchanged is £5.7 billion1>.
The numbers of people in 2002–03 with taxable income in the various income ranges are shown in the table.
Range of taxable income Numbers of people £100,000 to £250,000 229,400 £250,000 to £500,000 41,100 £500,000 to £1,000,000 14,300 £1,000,000 to £5,000,000 5,800 Over £5,000,000 220 1 Estimates based on the Survey of Personal Incomes and the November 2002 Pre-Budget Report