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Economics focus: The exchequer gets a belated 50p bonus

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Income shifting by top rate taxpayers appears to have had a significant impact on the public finances. The cut in the rate from 50% to 45% in April has resulted in a jump in bonuses and a surge in income tax receipts, which were depressed in the 2012/13 fiscal year. This is potentially good news for the government’s deficit-cutting strategy.

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