§ Mr. Raynsfordasked the Chancellor of the Exchequer if he will estimate the revenue accrued in the current year of restoring income tax on the imputed rent of dwellings at the same rates as applied previously.
§ Mr. Norman LamontAt the time of abolition in 1963, schedule A tax charged on owner-occupied properties was mainly based on property valuations of 1935–36. The yield from a similar charge at 1986–87 rates of income tax, based on current valuations for rating purposes (as a proxy for imputed rent income) with an allowance for expenditure on maintenance can be estimated only tentatively, but is unlikely to exceed £500 million in a full year and could be considerably less than this.