BBC News - Tax take from the rich to boost government income
Tax take from the rich to boost government income
The government is likely to see a big rebound in income tax revenue this year, says HM Revenue & Customs (HMRC).
It expects to raise an extra £10bn in income tax in 2010-11, nearly all from 40% and 50% rate taxpayers.
This will largely reverse the past two years' drop caused by the recession, according to HMRC's predictions.
There will be a modest 100,000 increase in the number of basic rate payers to 26.4 million, who together will pay an extra £1.2bn, thus handing over a total of £68.1bn.
But the number of people in the 40% higher rate band and new 50% additional rate bracket will jump by 192,000 to 3.412 million.
The 40% higher tax rate is levied on taxable incomes above £37,400 and the 50% rate is now levied on taxable incomes above £150,000 a year.
Hooray for them lucky "rich" people earning more than £37K pa.
Got to love the leftie BBC calling these people "rich".
Tax take from the rich to boost government income
The government is likely to see a big rebound in income tax revenue this year, says HM Revenue & Customs (HMRC).
It expects to raise an extra £10bn in income tax in 2010-11, nearly all from 40% and 50% rate taxpayers.
This will largely reverse the past two years' drop caused by the recession, according to HMRC's predictions.
There will be a modest 100,000 increase in the number of basic rate payers to 26.4 million, who together will pay an extra £1.2bn, thus handing over a total of £68.1bn.
But the number of people in the 40% higher rate band and new 50% additional rate bracket will jump by 192,000 to 3.412 million.
The 40% higher tax rate is levied on taxable incomes above £37,400 and the 50% rate is now levied on taxable incomes above £150,000 a year.
Hooray for them lucky "rich" people earning more than £37K pa.
Got to love the leftie BBC calling these people "rich".
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