HC Deb 24 June 1976 vol 913 c617W
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.

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