TaxPersonal TaxIncome tax revenues to raise £124bn

Income tax revenues to raise £124bn

With an extra 1.3 million people expected to pay income tax during 2003/2004, its going to be a bumper year for the Treasury.

Link: Profession calls for merger of NI and income tax

Figures from the Inland Revenue show that a record 30.7 million people will pay income tax this year, 4.5 million more then when Gordon Brown first became chancellor.

This will push revenues from income tax up to £124bn, £50bn more than the £74.9bn recorded in 1997.

According to the Revenue, 23.1 million people will pay income tax at the base rate of 22%, while 3.3 million will pay at the higher 40% rate.

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