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280,000 to pay new 50p tax rate in 2010/11

More than 280,000 people will be forced to pay the new 50p rate of income tax in 2010/11, according to a report in the Telegraph.

The paper says official figures disclosed last night show HMRC expects to collect an additional £10bn in income tax, with £9bn of that coming from those on wages above £40,000.

The forecast is not expected to change depending on who wins today’s election, as the Tories and LibDems support Labour’s new 50p rate, introduced last month for those earning more than £150,000.

HMRC expects to collect a total of £161bn in income tax this financial year, up from £151bn in 2009/10.

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  1. And what will the outflow be to VCT’s and EIS’s?

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