Downing Street Says » 50p Tax Rate

» Wednesday, September 7, 2011

50p Tax Rate

Asked if it was still the Government’s policy to abolish the 50p rate, the PMS said the policy was, as set out by the Chancellor at the time of the Budget. The 50p rate was a temporary measure. The Chancellor had asked HM Revenue & Customs to conduct some analysis on the amount of money that was being raised by the 50p rate, but obviously any decisions on tax were a matter for the Chancellor at the time of the Budget.

Asked when the Prime Minister asked the HM Revenue & Customs and how long ago it was, the PMS said the Chancellor had announced this in the Budget earlier this year.

Put that Lib Dems were pointing out that the Coalition Agreement states that raising the Personal Allowance to 10,000 takes priority over all other tax changes, the PMS confirmed that the Coalition Agreement made clear that increases in the Personal Allowance would be prioritised before other tax cuts. That was the Government’s policy.

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