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