HC Deb 22 December 1988 vol 144 c414W
Mr. Frank Field

To ask the Chancellor of the Exchequer what additional revenue would be raised by lifting the top rate of tax to 50 per cent.

Mr. Norman Lamont

The yield in a full year at 1989–90 levels of income of increasing the higher rate of income tax to 50 per cent. would be about £2¼ billion. The estimate includes the consequential effect on the yield of capital gains tax. It is partly based on a projection of the 1986–87 survey of personal incomes and is provisional.