§ Sir Richard Glynasked the Chancellor of the Exchequer by how much the standard rate of Income Tax would have to be increased if rates were abolished and the cost of charges now borne by the rates was transferred to the Exchequer.
§ Mr. BarberThe required increase in the standard rate of Income Tax would be about 2s. (assuming proportionate increases in the reduced rates). This takes 189W account of the fact that the abolition of rates on business premises would involve an increase in the taxable profits of trade and industry.