§ Mr. William Ross
To ask the Chancellor of the Exchequer what is his estimate of the revenue raised by(a) an increase of 1p on income tax across all bands of income tax and (b) the sums resulting from such an increase on each individual band of income tax.
§ Mr. Dorrell
At 1994–95 levels of income and assuming statutory indexation of allowances and the basic rate limit with the lower rate band set at £3,000 as announced in the March 1993 Budget the full-year yields are as follows:423W
£ million1 1p increase in the lower rate 100 1p increase in the basic rate 1,800 1p increase in the higher rate 450 1p increase in each rate 2,350 1 The figures include consequential effects on the yield from capital gains tax and the figure for the lower rate includes the effects of the change on advance corporation tax and on consequent liability to mainstream corporation tax.