HC Deb 04 March 1981 vol 1000 c117W
Mr. Jack Straw

asked the Chancellor of the Exchequer if he will publish in the Official Report tables showing for] 980–81, and on a comparable price base (a) the estimated yield of each separate tax and duty collected by the Inland Revenue and Her Majesty's Customs and Excise, (b) the estimated yield of (i) a 1 per cent, increase in the rate of percentage related taxes and (ii) of revalorising excise, hydrocarbon and all other taxes and duties not specified in (i) in line with the last 12 months' annual rate of inflation, and the effect of each increase on the retail price index and (c) the estimated cost of revalorising personal and other income tax allowances and higher rate thresholds in line with the last 12 months' annual rate of inflation.

Mr. Peter Rees

[pursuant to his reply, 2 March 1981. c. 7] gave the following information:

  1. (a) For the available information on Inland Revenue taxes and Customs and Excise duties I refer the hon. Member to the reports of the Commissioners of Her Majesty's Inland Revenue and the Commissioners of Her Majesty's Customs and Excise for the year ended 31 March 1980—Cmnds. 8160 and 8099. Revised estimates will be published on Budget day.
  2. (b) (i) The estimated yields of a one percentage point increase in the basic and higher rates of income tax are £800 million and £50 million respectively, in a full year at 1980–81 income levels, the additional yield in 1980–81 of a similar rise in the corporation tax rate is estimated at £85 million, for information on increases in other taxes, I refer the hon. Member to the supplement to the May 1980 edition of the Economic Progress Report (No. 121) and to the replies given on 12 January to the hon. Member for Barking (Miss Richardson).—[Vol. 996, c. 501–502.].
  3. (ii) It is estimated that increasing the specific excise duties collected by Customs and Excise by 15.1 per cent., the increase in the RPI between December 1979 and December 1980, would yield about £1,000 million in a full year.
  4. (c) The cost of revalorising personal tax allowances—including the age allowance limit—and higher rate thresholds—including the investment income surcharge threshold—by 15.1 per cent. is estimated at about £2,400 million in a full year at 1980–81 income levels.