29. Captain WATTasked the Financial Secretary to the Treasury what the cost to the Treasury would be of a reduction in Income Tax of Is. in the pound?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Hore-Belisha)My hon. and gallant Friend will realise that, to estimate the gain or loss involved in changes of taxation, it is first necessary to estimate the yield of taxes on the existing basis. This is usually reserved for the Budget statement, and my right hon. Friend is not prepared, at the present time, to commit himself to figures in regard to next year's estimates of revenue; still less to the effect of hypothetical changes of taxation.