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(Clauses 1, 4, 8, 189 and 209, Schedules 1, 23 and 33, and certain new Clauses and new Schedules relating to value added tax)

There are a couple of points to make. First, there is no uncertainty that 14,000 millionaires will significantly benefit from the change. Where there is uncertainty, however, is in the Government's arguments about the overall impact on the Exchequer, in terms of tax gained and tax lost. The Select Committee on the Treasury has said today:"““The cost and benefits of reducing the additional tax rate to 45p are both highly uncertain””." The Government have tried to make an argument, but they have not even got the facts right in the first place to make their argument stick.