This is one of the accompanying documents to the 2012 Budget (ISBN 9790102976045) and examines the impact to the Exchequer of the 50% additional rate of income tax, introduced on 6 April 2010. The report seeks to provide the first comprehensive ex-post assessment of the additional rate yield using a range of evidence including 2010-11 Self Assessment returns. Analysis shows that there was a considerable behavioural response to the income tax rate change, including a substantial amount of forestalling, with an estimated Ap16 to Ap18 billion of income brought forward to the 2009-10 to avoid the tax increase. The net result of such actions is that the underlying yield from the additional rate was much lower that forecast. The report also describes how the impact of introducing the additional rate may extend well beyond the Exchequer, with the view that higher tax rates make the tax system less competitive and therefore less attractive to establish a business.The publication is divided into six chapters with three annexes.... year Chart 4.3: UK immigration and emigration, 1975 to 2009 700 600 8 500 , _/ \/\l\ O 8 /J g 400 A\ Inflows 0 FJ A-K-V E 300 A ... UK/Images/Investor%20news% 20assetsllnvesting_for_financial_goaIs/Millionaire_monitor_report.pdf Chart 5.3- anbsp;...
|Title||:||The Exchequer Effect of the 50 Per Cent Additional Rate of Income Tax|
|Author||:||Great Britain. HM Revenue & Customs|
|Publisher||:||The Stationery Office - 2012-03-21|