§ Mr. Gordon PrenticeTo ask the Chancellor of the Exchequer what additional revenue would be generated if the top rate of tax were(a) 45 per cent., (b) 50 per cent. and (c) 60 per cent. for those with incomes over £100,000. [121995]
§ Dawn PrimaroloThe full year yield of introducing an additional higher rate of tax in 2003–04 is given in table.
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Income tax yield in 2003–04 £ billion (a) 45 per cent. on gross incomes over £100,000 2.7 (b) 50 per cent. on gross incomes over £100,000 5.0 (c) 60 per cent. on gross incomes over £100,000 9.5 These estimates are based upon the 2000–01 Survey of Personal Incomes and are consistent with Budget 2003. They exclude any behavioural response to the tax change.
§ Mr. Gordon PrenticeTo ask the Chancellor of the Exchequer how much additional revenue would be generated if the top rate of tax were(a) 45 per cent., (b) 50 per cent. and (c) 60 per cent. for those with incomes over £100,000 and the threshold for paying higher rates were raised to (i) £35,000 and (ii) £40,000. [121996]
§ Dawn PrimaroloThe full year revenue yield or loss from making these changes in 2003–04 is set out in the table.
New basic rate limit (£ billion) The full year yield or loss (±) of increasing the basic rate limit and introducing an additional higher rate of tax in 2003–04 (i)£35,000 (ii)£40,000 (a) 45 per cent. on gross incomes over £100,000 0.3 -1.7 (b) 50 per cent. on gross incomes over £100,000 2.6 0.6 (c) 60 per cent. on gross incomes over £100,000 7.2 5.2 These estimates are based upon the 2000–01 Survey of Personal Incomes and are consistent with Budget 2003. They exclude any behavioural response to the tax change.