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Written question asked by Gregory Campbell (Democratic Unionist Party) on Monday, 10 October 2022, in the House of Commons. It was due for an answer on Thursday, 13 October 2022 (named day). It was answered by Andrew Griffith (Conservative) on Thursday, 13 October 2022 on behalf of the Treasury.

Banks and Income Tax

Question

To ask the Chancellor of the Exchequer, what estimate he has made of the number of people who will benefit over the course of the present Parliament from the measures announced in his statement made on 23 September 2022 on (a) removing the cap on bankers bonuses and (b) abolishing the additional rate of income tax.

Answer

Regarding the removal of the bankers’ bonus cap, the Government has not assessed the numbers affected. The Prudential Regulation Authority and the Financial Conduct Authority have announced their intention to consult on the removal of the cap this Autumn, and as part of that will consider the overarching costs and benefits of the proposals against their statutory objectives.

Regarding the additional rate of tax, the Government is committed to lowering the tax burden and growing the economy, but has decided not to abolish the additional rate of tax in 2023 and is focussed on delivering the major parts of the Growth Plan. This plan sets out a new approach to build a more prosperous economy, from supporting British business to lowering the tax burden for the lowest paid.

Secondary information

Type
Written question
Reference
58899
Session
2022-23
Related items
The Growth Plan
Friday, 23 September 2022
Parliamentary proceedings
House of Commons
Subjects
Banks Incentives Income tax Tax rates and bands
Contains statistics
Yes
Link
View this Written question on www.parliament.uk