Lord Borwick
Main Page: Lord Borwick (Conservative - Excepted Hereditary)Department Debates - View all Lord Borwick's debates with the HM Treasury
(9 years, 9 months ago)
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Lord Forsyth of Drumlean
To ask Her Majesty’s Government whether income tax revenue received from top rate taxpayers has increased or decreased since the rate was cut from 50 per cent to 45 per cent; and by how much.
Lord Borwick (Con)
My Lords, in my noble friend Lord Forsyth’s absence, and at his request, I beg leave to ask the Question standing in his name.
Lord Newby (LD)
My Lords, the latest projections show that income tax receipts from additional rate taxpayers in 2013-14 were £45.9 billion, compared with £38 billion in 2012-13, which was the last year when the additional rate was 50%.
Lord Borwick
My Lords, there was therefore an £8 billion increase in revenue as a result of lowering tax by 5%. Would my noble friend agree that Labour’s policy of putting the tax rate back up would not increase revenue, but rather discourage entrepreneurs, who are so responsible for increasing employment?