§ 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.