HC Deb 11 December 1956 vol 562 cc24-5W
Mr. Lewis

asked the Chancellor of the Exchequer by how much he estimates the revenue from the current Income Tax would be increased if Surtax and tax in the higher income limits were replaced to the level in operation prior to the last three Budgets; and whether he will consider this in his forthcoming Budget in place of the present 1s. per gallon tax on petrol.

Mr. H. Brooke

If the standard rate of Income Tax were restored to its 1954–55 level of 9s. in the £ and the subsequent changes in personal allowances were not reversed, the additional yield would be about £90 million in a full year, of which over £50 million would fall on the undistributed profits of companies. The level of Surtax has not changed in this time. In preparing his next Budget my right hon. Friend will take all relevant considerations into account.