§ Mr. Wigley
asked the Chancellor of the Exchequer what he anticipates would be the product of an additional one penny on income tax in the present financial year.
§ Mr. Robert Sheldon
An additional one penny on the basic rate of income tax would raise £425 million in a full year at the tax allowance and income levels of the present financial year. If higher rates were also increased the yield would be a further £40 million.