Oral Answers to Questions

Grahame Morris Excerpts

Tuesday 24th April 2012 Commons Chamber

[Mr Gauke]

My hon. Friend is right. The Opposition had the 50p in place for only 36 days of the 13 years that they were in power. If a tax is judged on how much revenue it raised, the 50p rate was a failure.

[Grahame M. Morris (Easington) (Lab)]

22. Following on from the question from my hon. Friend and namesake the Member for Livingston (Graeme Morrice), we are aware that Treasury data published last week gave details of the levels of tax avoidance among top-rate taxpayers, but can the Minister confirm that someone earning £1 million a year will benefit to the tune of £40,000 a year from these taxes?

[Mr Gauke]

The point is that the assessment made by HMRC, supported by the assessment of the Office for Budget Responsibility, is that the 50p rate failed to raise the revenue that was anticipated. It failed to raise the revenue that we needed. Instead, we are taking measures that will succeed in getting money out of the wealthiest, not failing.