The 50p Rate is Working
Table PSF6 of today’s public sector borrowing figures (page 22 of this pdf) is worth a look.
It shows that income tax receipts (in cash terms) in January 2011 came in at £23,793mn up 17.8% on January 2010.
Meanwhile National Insurance Contributions (NICS) over the same period were up only 4.2%.
Income tax receipts soaring well ahead of NICS – could it be that the 50p rate is effective and raising revenues?