TaxAdministrationIncome tax receipts to jump in 2010-11

Income tax receipts to jump in 2010-11

400,000 more taxpayers and the 50% tax band helps boost receipts for HMRC

HM Revenue & Customs is expecting better than expected receipts from
income tax in 2010-11 putting an extra £10bn into government coffers.

Revised projections reveal that income tax receipts could produce revenues of
£161bn. Earlier estimates had put that at £151bn. The Budget Red Book released
earlier this year said the figure would be £146bn.

The majority of the uplift is expected to come as a result of the new 50%
band for those earning above £150,000. Additional rate payers (the figures
includes tax they will pay at the 40% band) should produce £42.5bn from around
282,000 taxpayers.

The figures that the 50% band could produce around £8.7bn – or most of the
expected increase in revenues.

In

The figures also shows that the number of taxpayers paying income tax has
risen by 400,000.

Yesterday, in an interview for the Financial Times, would-be
chancellor George Osborne said that the Budget Red Book was a

work of fiction”
.

Read more :

Budget
Book a “work of fiction”

HMRC statistics
here.

Treasury
revises revenue from 50% rate

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